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Rationalisable belief selection

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  • Sun, Sidong

Abstract

Considering a decision maker with beliefs from a probability–possibility set representing objective information about uncertainty, this study investigates the behavioural meanings of the assumption that the belief selection correspondence of the Max–min Expected Utility model can be rationalised. It can provide an axiomatic foundation for a class of models in which the decision maker exhibits a preference over probability measures that remains consistent across different probability–possibility sets and generate confirmatory bias.

Suggested Citation

  • Sun, Sidong, 2023. "Rationalisable belief selection," Economics Letters, Elsevier, vol. 232(C).
    • Handle: RePEc:eee:ecolet:v:232:y:2023:i:c:s0165176523003531
    DOI: 10.1016/j.econlet.2023.111328
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    More about this item

    Keywords

    Decision making under uncertainty; Max–min expected utility model; Belief distortion;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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