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Bayes Consistent Plans

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Author Info
Edward J. Green (U. of Minnesota and Federal Reserve Bank of Minneapolis)
In-Uck Park (University of Bristol)

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Abstract

An intuitively natural consistency condition for contingent plans is necessary and sufficient for a contingent plan to be rationalized by maximization of conditional expected utility. One alternative theory of choice under uncertainty, the weighted-utility theory developed by Chew Soo Hong (1983) does not entail that contingent plans will generally satisfy this condition. Another alternative theory, the minimax theory as formulated by Savage (1972), does entail the consistency condition (at least for singleton-valued plans).

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Publisher Info
Paper provided by EconWPA in its series Game Theory and Information with number 9307002.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 16 pages
Date of creation: 27 Jul 1993
Date of revision: 27 Feb 1994
Handle: RePEc:wpa:wuwpga:9307002

Note: 16 pages, plain TeX.
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Web page: http://129.3.20.41

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Find related papers by JEL classification:
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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This page was last updated on 2009-12-2.

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