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The Knob of the Discord

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Author Info
Massimiliano Amarante () (Department of Economics, Columbia University)
Fabio Maccheroni () (Universita Bocconi - Istituto di Metodi Quantitativi)
Abstract

For (S, S) a measurable space, let C1 and C2 and be convex, weak* closed sets of probability measures on S. We show that if C1 C2 satisfies the Lyapunov property, then there exists a set A S such that min C1 (A) > max C2 (A). We give applications to Maxmin Expected Utility and to the core of a lower probability.

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File URL: http://www.econ.columbia.edu/RePEc/pdf/DP0405-14.pdf
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Paper provided by Columbia University, Department of Economics in its series Discussion Papers with number 0405-14.

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Length: 44 pages
Date of creation: 2004
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Handle: RePEc:clu:wpaper:0405-14

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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.:
  1. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April. [Downloadable!] (restricted)
  2. Massimo Marinacci & Fabio Maccheroni & Alain Chateauneuf & Jean-Marc Tallon, 2003. "Monotone Continuous Multiple Priors," ICER Working Papers - Applied Mathematics Series 30-2003, ICER - International Centre for Economic Research. [Downloadable!]
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  3. Ghirardato, Paolo & Marinacci, Massimo, 2002. "Ambiguity Made Precise: A Comparative Foundation," Journal of Economic Theory, Elsevier, vol. 102(2), pages 251-289, February. [Downloadable!] (restricted)
  4. Nehring, Klaus, 1999. "Capacities and probabilistic beliefs: a precarious coexistence," Mathematical Social Sciences, Elsevier, vol. 38(2), pages 197-213, September. [Downloadable!] (restricted)
  5. Epstein, Larry G & Zhang, Jiankang, 2001. "Subjective Probabilities on Subjectively Unambiguous Events," Econometrica, Econometric Society, vol. 69(2), pages 265-306, March.
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  6. Massimo Marinacci, 2002. "Probabilistic Sophistication and Multiple Priors," Econometrica, Econometric Society, vol. 70(2), pages 755-764, March. [Downloadable!] (restricted)
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  7. Massimiliano Amarante & Emel Filiz, 2004. "Ambiguous events and Maxmin Expected Utility," Discussion Papers 0405-09, Columbia University, Department of Economics. [Downloadable!]
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  1. Massimiliano Amarante & Emel Filiz, 2004. "Ambiguous events and Maxmin Expected Utility," Discussion Papers 0405-09, Columbia University, Department of Economics. [Downloadable!]
    Other versions:
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