# When an Event Makes a Difference

## Author Info

• Massimiliano Amarante
• Fabio Maccheroni

()

## Abstract

For (S, Î£) a measurable space, let $${\cal C}_1$$ and $${\cal C}_2$$ be convex, weak * closed sets of probability measures on Î£. We show that if $${\cal C}_1$$ âˆª $${\cal C}_2$$ satisfies the Lyapunov property , then there exists a set A âˆˆ Î£ such that min Î¼1 âˆˆ $${\cal C}_1$$ Î¼ 1(A) > max Î¼2 âˆˆ $${\cal C}_2$$ (A). We give applications to Maxmin Expected Utility (MEU) and to the core of a lower probability. Copyright Springer 2006

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## Bibliographic Info

Article provided by Springer in its journal Theory and Decision.

Volume (Year): 60 (2006)
Issue (Month): 2 (05)
Pages: 119-126

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 Handle: RePEc:kap:theord:v:60:y:2006:i:2:p:119-126 Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100341

## References

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1. Epstein, Larry G & Zhang, Jiankang, 2001. "Subjective Probabilities on Subjectively Unambiguous Events," Econometrica, Econometric Society, vol. 69(2), pages 265-306, March.
2. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
3. Massimiliano Amarante, 2005. "Ambiguity, measurability and multiple priors," Economic Theory, Springer, vol. 26(4), pages 995-1006, November.
4. Nehring, Klaus, 1999. "Capacities and probabilistic beliefs: a precarious coexistence," Mathematical Social Sciences, Elsevier, vol. 38(2), pages 197-213, September.
5. repec:clu:wpaper:0405-09 is not listed on IDEAS
6. Jiankang Zhang, 1999. "Subjective Ambiguity, Expected Utility and Choquet Expected Utility," Carleton Economic Papers 99-19, Carleton University, Department of Economics, revised Aug 2002.
7. Ghirardato, Paolo & Marinacci, Massimo, 2002. "Ambiguity Made Precise: A Comparative Foundation," Journal of Economic Theory, Elsevier, vol. 102(2), pages 251-289, February.
8. Massimo Marinacci, 2001. "Probabilistic sophistication and multiple priors," ICER Working Papers - Applied Mathematics Series 08-2001, ICER - International Centre for Economic Research.
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