Induced Preferences, Non Additive Probabilities and Multiple Priors
AbstractWe study a decision-maker who follows the Savage axioms. We show that if s(he) is able to take unobservable actions which influence the probabilities of outcomes then it can appear to an outsider as if his/her subjective probabilities are non-additive. Implications for multi-period decisions are explored.
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Bibliographic InfoPaper provided by Department of Economics, University of Birmingham in its series Discussion Papers with number 96-15.
Length: 30 pages
Date of creation: 1996
Date of revision:
RISK; STATISTICS; UNCERTAINTY; RISK AVERSION;
Find related papers by JEL classification:
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- Machina, Mark J, 2000. "Payoff Kinks in Preferences Over Lotteries," University of California at San Diego, Economics Working Paper Series qt7vn7d2hs, Department of Economics, UC San Diego.
- Eichberger, Jurgen & Grant, Simon & Kelsey, David, 2005.
"CEU preferences and dynamic consistency,"
Mathematical Social Sciences,
Elsevier, vol. 49(2), pages 143-151, March.
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