Eichberger, Jürgen Grant, Simon Lefort, Jean-Philippe
Abstract
This paper shows that, for CEU preferences, the axioms consquentialism, state independence and conditional certainty equivalent consistency under updating characterise a family of capacities, called Genralised Neo-Additive Capacities (GNAC). This family contains as special cases among others neo-additive capacities as introduced by Chateauneuf, Eichberger, and Grant(2007), Hurwicz capacities, and ε-contaminations. Moreover, we will show that the convex version of a GNAC is the only capacity for which the core of the Full-Bayesian Updates of a capacity, introduced by Jaffray (1992), equals the set of Bayesian updates of the probability distributions in the core of the original capacity.
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Paper provided by University of Heidelberg, Department of Economics in its series Working Papers with number
0490.
Length: Date of creation: 04 Nov 2009 Date of revision: Handle: RePEc:awi:wpaper:0490
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Find related papers by JEL classification: D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Itzhak Gilboa & David Schmeidler, 1991.
"Updating Ambiguous Beliefs,"
Discussion Papers
924, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
[Downloadable!]
Jürgen Eichberger & David Kelsey, 2004.
"Sequential Two-Player Games With Ambiguity,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 45(4), pages 1229-1261, November.
[Downloadable!] (restricted)
Other versions:
Jürgen Eichberger & David Kelsey & Burkhard C. Schipper, 2009.
"Ambiguity and social interaction,"
Oxford Economic Papers,
Oxford University Press, vol. 61(2), pages 355-379, April.
[Downloadable!] (restricted)
Other versions:
Jürgen Eichberger & David Kelsey & Burkhard C. Schipper, 2005.
"Ambiguity and Social Interaction,"
Discussion Papers
59, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
[Downloadable!]
Eichberger, Jurgen & Kelsey, Davis & Schipper, Burkhard, 2007.
"Ambiguity and Social Interaction,"
Working Papers
05-36, University of California at Davis, Department of Economics.
[Downloadable!]
Jürgen Eichberger & David Kelsey & Burkhard C. Schipper, 2007.
"Ambiguity and Social Interaction,"
Working Papers
0443, University of Heidelberg, Department of Economics, revised May 2007.
[Downloadable!]