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A Revealed Preference Theory for Nonexpected Utility on "Certain x Uncertain" Consumption Pairs

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Listed:
  • Kamiya, Kazuya

    (Faculty of Economics, University of Tokyo.)

  • Hidehiko Ichimura

Abstract

In this paper, we consider a two period decision problem, where the feasible set is the set of "certain x uncertain" consumption pairs. That is the decision maker chooses (x, m) in a feasible set, where x is a certain first period consumption and m is a random second period consumption, a Borei probability measure on the set of real numbers. The purpose of this paper is to present revealed preference theory for nonexpected utility on "certain x uncertain" consumption pairs. We present necessary and sufficient conditions for the data to be consistent with some nonexpected utility functions. In contrast to the standard revealed preference theory, it is shown that the acyclicity of the binary relation naturally introduced from the decision is not sufficient for the existence of a utility function.

Suggested Citation

  • Kamiya, Kazuya & Hidehiko Ichimura, 1997. "A Revealed Preference Theory for Nonexpected Utility on "Certain x Uncertain" Consumption Pairs," CIRJE F-Series 97-F-8, CIRJE, Faculty of Economics, University of Tokyo.
    • Handle: RePEc:tky:fseres:97f08
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    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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