Induced Preferences, Dynamic Consistency and Dutch Books
The authors assume that a decisionmaker has expected utility preferences over a large space which includes some variables not observable by the theorist. These will induce preferences over observable variables, which typically will not have the expected utility form. This paper focuses on implications for multiperiod decisions. The authors show that such preferences are not vulnerable to 'Dutch books.' In particular, they consider preferences arising from nonadditive subjective probabilities and show how they can arise as induced preferences. Copyright 1997 by The London School of Economics and Political Science
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Volume (Year): 64 (1997)
Issue (Month): 255 (August)
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