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On the Observability of Plans in Dynamic Choice Problems Involving Risk: Comment about J. Hey

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  • Marc Willinger

    (BETA-Theme, Université Louis Pasteur, PEGE, 61 avenue de la Forêt-Noire, 67000- Strasbourg, France)

Abstract

We show that in dynamic choice problems, the observability of a decision maker's first move does reveal his plan for the dynamic choice problem, only under strong restrictions about the structure of his preferences. These restrictions imply consequentialism which in turn implies dynamic consistency, a condition which is not necessarily satisfied by experimental subjects. The Geneva Papers on Risk and Insurance Theory (2002) 27, 23–30. doi:10.1023/A:1020677307399

Suggested Citation

  • Marc Willinger, 2002. "On the Observability of Plans in Dynamic Choice Problems Involving Risk: Comment about J. Hey," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 27(1), pages 23-30, June.
    • Handle: RePEc:pal:genrir:v:27:y:2002:i:1:p:23-30
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