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Objective and Subjective Rationality in a Multiple Prior Model

Author

Listed:
  • Itzhak Gilboa
  • Fabio Maccheroni
  • Massimo Marinacci
  • David Schmeidler

Abstract

A decision maker (DM) is characterized by two binary relations. The first reflects choices that are rational in an "objective" sense: the DM can convince others that she is right in making them. The second relation models choices that are rational in a "subjective" sense: the DM cannot be convinced that she is wrong in making them. Copyright 2010 The Econometric Society.

Suggested Citation

  • Itzhak Gilboa & Fabio Maccheroni & Massimo Marinacci & David Schmeidler, 2010. "Objective and Subjective Rationality in a Multiple Prior Model," Econometrica, Econometric Society, vol. 78(2), pages 755-770, March.
    • Handle: RePEc:ecm:emetrp:v:78:y:2010:i:2:p:755-770
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    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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