The Knob of the Discord
For (S, S) a measurable space, let C1 and C2 and be convex, weak* closed sets of probability measures on S. We show that if C1 C2 satisfies the Lyapunov property, then there exists a set A S such that min C1 (A) > max C2 (A). We give applications to Maxmin Expected Utility and to the core of a lower probability.
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