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Rational Dynamic Choice and Expected Utility Theory

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Cubitt, Robin P

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Abstract

This paper considers the normative status of the independence and ordering principles of expected utility theory. Preferences are defined in terms of choice and the two principles derived from restrictions on choice in sequential decision problems. The results extend and clarify important contributions by P. J. Hammond and E. F. McClennen. They show that it is different requirements on dynamic choice which rationalize independence and ordering respectively and illuminate their relationship to consequentialism. Copyright 1996 by Royal Economic Society.

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Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 48 (1996)
Issue (Month): 1 (January)
Pages: 1-19
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Handle: RePEc:oup:oxecpp:v:48:y:1996:i:1:p:1-19

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  1. Maxim Pinkovskiy, 2009. "Rational Inattention and Choice Under Risk: Explaining Violations of Expected Utility Through a Shannon Entropy Formulation of the Costs of Rationality," Atlantic Economic Journal, International Atlantic Economic Society, vol. 37(1), pages 99-112, March. [Downloadable!] (restricted)
  2. John Hey & Massimo Paradiso., . "Dynamic Choice and Timing-Independence: an experimental investigation," Discussion Papers 99/26, Department of Economics, University of York. [Downloadable!]
  3. Marciano Siniscalchi, 2006. "Dynamic Choice Under Ambiguity," Discussion Papers 1430, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  4. John Hey, . "Do People (Want to) Plan?," Discussion Papers 99/22, Department of Economics, University of York. [Downloadable!]
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