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Monotone continuous multiple priors

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Author Info

  • Alain Chateauneuf

    (CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - CNRS : UMR8095 - Université Paris I - Panthéon-Sorbonne)

  • Fabio Macheronni

    (Department of economics - Università Commerciale L. Bocconi)

  • Massimo Marinacci

    (Department of economics - Università degli studi di Torino)

  • Jean-Marc Tallon

    ()
    (EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative - CNRS : UMR8594 - Université Paris I - Panthéon-Sorbonne)

Abstract

We show that the monotone continuity condition introduced by Arrow (1970) is the behavioral counterpart of countable additivity and weak compactness of the set of priors in a maxmin expected utility model. This generalizes Arrow's original result, who considered the special case of a singleton set of priors. Several other convenient technical properties of the set of priors, like non-atomicity, are studied and their behavioral counterparts are provided.

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Bibliographic Info

Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00177057.

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Date of creation: 2005
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Publication status: Published, Economic Theory, 2005, 26, 4, 973-982
Handle: RePEc:hal:cesptp:halshs-00177057

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00177057
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Keywords: multiple prior; continuity;

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  1. Massimo Marinacci & Luigi Montrucchio, 2005. "Stable cores of large games," International Journal of Game Theory, Springer, Springer, vol. 33(2), pages 189-213, 06.
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