Advanced Search
MyIDEAS: Login to save this paper or follow this series

A Unique Subjective State Space for Unforeseen Contingencies

Contents:

Author Info

  • Eddie Dekel

Abstract

We axiomatically characterize a representation of preferences over opportunity sets which exhibit a preference for flexibility, interpreted as a model of unforeseen contingencies. In this representation, the agent acts as if she had a coherent prior over a set of possible future preferences, each of which is an expected-utility preference. We show that the state space is essentially unique given the restriction that all future preferences are expected-utility preferences and is minimal even without this restriction. Finally, because the state space is identified, the additivity across states is meaningful in the sense that all representations are intrinsically additive.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.kellogg.northwestern.edu/research/math/papers/1202.pdf
File Function: main text
Download Restriction: no

Bibliographic Info

Paper provided by Northwestern University, Center for Mathematical Studies in Economics and Management Science in its series Discussion Papers with number 1202.

as in new window
Length:
Date of creation: Nov 1997
Date of revision:
Handle: RePEc:nwu:cmsems:1202

Contact details of provider:
Postal: Center for Mathematical Studies in Economics and Management Science, Northwestern University, 580 Jacobs Center, 2001 Sheridan Road, Evanston, IL 60208-2014
Phone: 847/491-3527
Fax: 847/491-2530
Email:
Web page: http://www.kellogg.northwestern.edu/research/math/
More information through EDIRC

Order Information:
Email:

Related research

Keywords:

Other versions of this item:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:nwu:cmsems:1202. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fran Walker).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.