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Monotone continuous multiple priors

Author

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  • Alain Chateauneuf

    (CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Fabio Macheronni

    (Department of economics - Università Commerciale L. Bocconi)

  • Massimo Marinacci

    (Department of economics - UNITO - Università degli studi di Torino)

  • Jean-Marc Tallon

    (EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

We show that the monotone continuity condition introduced by Arrow (1970) is the behavioral counterpart of countable additivity and weak compactness of the set of priors in a maxmin expected utility model. This generalizes Arrow's original result, who considered the special case of a singleton set of priors. Several other convenient technical properties of the set of priors, like non-atomicity, are studied and their behavioral counterparts are provided.

Suggested Citation

  • Alain Chateauneuf & Fabio Macheronni & Massimo Marinacci & Jean-Marc Tallon, 2005. "Monotone continuous multiple priors," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00177057, HAL.
  • Handle: RePEc:hal:cesptp:halshs-00177057
    DOI: 10.1007/s00199-004-0540-2
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00177057
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    References listed on IDEAS

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    1. Massimo Marinacci & Luigi Montrucchio, 2005. "Stable cores of large games," International Journal of Game Theory, Springer;Game Theory Society, vol. 33(2), pages 189-213, June.
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    Keywords

    multiple prior; continuity;

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