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A characterization of Brandenburger–Friedenberg–Keisler’s assumption

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  • Lee, Byung Soo

Abstract

Brandenburger et al.’s (2008) preference-based definition of assumption has two requirements: nontriviality and strict determination. We show that a decision maker’s preferences satisfy strict determination (on a given event) if and only if her unconditional preferences are equivalent to a lexicographic evaluation of her conditional preferences. An immediate application of this result yields a characterization of all lexicographic probability systems (LPS’s)—similar to the characterization in Brandenburger et al.(2008) for a strict subset of LPS’s—under which an event is assumed.

Suggested Citation

  • Lee, Byung Soo, 2016. "A characterization of Brandenburger–Friedenberg–Keisler’s assumption," Economics Letters, Elsevier, vol. 145(C), pages 60-64.
    • Handle: RePEc:eee:ecolet:v:145:y:2016:i:c:p:60-64
    DOI: 10.1016/j.econlet.2016.05.028
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    References listed on IDEAS

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    1. Lawrence Blume & Adam Brandenburger & Eddie Dekel, 2014. "Lexicographic Probabilities and Choice Under Uncertainty," World Scientific Book Chapters, in: The Language of Game Theory Putting Epistemics into the Mathematics of Games, chapter 6, pages 137-160, World Scientific Publishing Co. Pte. Ltd..
    2. Adam Brandenburger & Amanda Friedenberg & H. Jerome Keisler, 2014. "Admissibility in Games," World Scientific Book Chapters, in: The Language of Game Theory Putting Epistemics into the Mathematics of Games, chapter 7, pages 161-212, World Scientific Publishing Co. Pte. Ltd..
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    More about this item

    Keywords

    Strict determination; Assumption; Lexicographic probability;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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