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research article : Preference for flexibility in infinite horizon problems

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Author Info
Aldo Rustichini () (Department of Economics, University of Minnesota, Minneapolis, MN 55455, USA)
Abstract

We consider the extension of the classical problem of preference for flexibility to many periods. Preferences are defined over sets of infinite paths of choices. The main result provides a set of axioms on preferences that yield an additive representation over a subjective state space. This space is the set of preferences over choice today and feasible set tomorrow. The main new axiom, stochastic dominance, is a stronger form of the assumption of monotonicity.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 20 (2002)
Issue (Month): 4 ()
Pages: 677-702
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Handle: RePEc:spr:joecth:v:20:y:2002:i:4:p:677-702

Note: Received: September 11 2000; revised version: December 18, 2001
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Related research
Keywords: Preference for flexibility; Unforeseen contingencies; Dynamic programming.;

Find related papers by JEL classification:
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

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