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Preference for flexibility in infinite horizon problems

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  • 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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Bibliographic 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.;

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Cited by:
  1. Laurent Denant-Boemont & Sabrina Hammiche, 2008. "Que vaut la flexibilité des choix individuels de transport ? Une étude de cas expérimental," Économie et Prévision, Programme National Persée, vol. 182(1), pages 97-111.
  2. Takeoka, Norio, 2007. "Subjective probability over a subjective decision tree," Journal of Economic Theory, Elsevier, vol. 136(1), pages 536-571, September.
  3. Kraus, Alan & Sagi, Jacob S., 2006. "Inter-temporal preference for flexibility and risky choice," Journal of Mathematical Economics, Elsevier, vol. 42(6), pages 698-709, September.
  4. Spyros Galanis, 2013. "Unawareness of theorems," Economic Theory, Springer, vol. 52(1), pages 41-73, January.
  5. Higashi, Youichiro & Hyogo, Kazuya & Takeoka, Norio, 2009. "Subjective random discounting and intertemporal choice," Journal of Economic Theory, Elsevier, vol. 144(3), pages 1015-1053, May.

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