Probabilistically Sophisticated Multiple Priors
AbstractWe characterize the intersection of the probabilistically sophisticated and multiple prior models. We show this class is strictly larger than the subjective expected utility model and that its elements can be generated from a generalized class of the -contaminated priors, which we dub the - contaminated/ -truncated prior.
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Bibliographic InfoPaper provided by Kyoto University, Institute of Economic Research in its series KIER Working Papers with number 608.
Date of creation: Oct 2005
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More information through EDIRC
subjective probability; maximin expected utility; epsilon-contamined priors.;
Find related papers by JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-12-20 (All new papers)
- NEP-ECM-2005-12-20 (Econometrics)
- NEP-UPT-2005-12-20 (Utility Models & Prospect Theory)
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