# When an Event Makes a Difference

## Author

Listed:
• 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

## Suggested Citation

• Massimiliano Amarante & Fabio Maccheroni, 2006. "When an Event Makes a Difference," Theory and Decision, Springer, vol. 60(2), pages 119-126, May.
• Handle: RePEc:kap:theord:v:60:y:2006:i:2:p:119-126
DOI: 10.1007/s11238-005-4569-x
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File URL: http://hdl.handle.net/10.1007/s11238-005-4569-x

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## References listed on IDEAS

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1. Nehring, Klaus, 1999. "Capacities and probabilistic beliefs: a precarious coexistence," Mathematical Social Sciences, Elsevier, vol. 38(2), pages 197-213, September.
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3. Jiankang Zhang, 2002. "Subjective ambiguity, expected utility and Choquet expected utility," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 20(1), pages 159-181.
4. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
5. Massimo Marinacci, 2002. "Probabilistic Sophistication and Multiple Priors," Econometrica, Econometric Society, vol. 70(2), pages 755-764, March.
6. Epstein, Larry G & Zhang, Jiankang, 2001. "Subjective Probabilities on Subjectively Unambiguous Events," Econometrica, Econometric Society, vol. 69(2), pages 265-306, March.
7. Amarante, Massimiliano & Filiz, Emel, 2007. "Ambiguous events and maxmin expected utility," Journal of Economic Theory, Elsevier, vol. 134(1), pages 1-33, May.
8. Massimiliano Amarante, 2005. "Ambiguity, measurability and multiple priors," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 26(4), pages 995-1006, November.
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## Citations

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Cited by:

1. Amarante, Massimiliano, 2014. "A characterization of exact non-atomic market games," Journal of Mathematical Economics, Elsevier, vol. 54(C), pages 59-62.
2. Massimiliano Amarante & Luigi Montrucchio, 2010. "The bargaining set of a large game," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 43(3), pages 313-349, June.
3. Massimiliano Amarante & Luigi Montrucchio, 2007. "Mas-Colell Bargaining Set of Large Games," Carlo Alberto Notebooks 63, Collegio Carlo Alberto.

### Keywords

Lyapunov theorem; Maximin expected utility; lower probability;

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