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What Do Uncertainty-Averse Decision-Makers Believe? A Note

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  • Ryan, Matthew

Abstract

The aim of this note is to plug an important gap in our understanding of the epistemic foundations of uncertainty-averse behavior. For Choquet expected utility maximizers (Schmeidler (1989)), the beliefs which motivate uncertainty-averse choice are frequently identified using Dow and Werlang's (1994) notion of support for convex capacities. Building on the work of Morris (1997), we present a new, preference-based belief operator which is is shown to characterize such epistemic inferences. This makes their behavioral foundations transparent, and enables readier comparison with alternative epistemic models for such behavior.

Suggested Citation

  • Ryan, Matthew, 1999. "What Do Uncertainty-Averse Decision-Makers Believe? A Note," Working Papers 143, Department of Economics, The University of Auckland.
  • Handle: RePEc:auc:wpaper:143
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    File URL: http://hdl.handle.net/2292/143
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    Keywords

    Economics;

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