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Dynamic objective and subjective rationality

Author

Listed:
  • José Heleno Faro
  • Jean-Philippe Lefort

    (LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

Abstract

We characterize prior-by-prior Bayesian updating using a model proposed by Gilboa, Maccheroni, Marinacci, and Schmeidler (2010) that jointly considers objective and subjective rationality. These rationality concepts are subject to the Bewley unanimity rule and maxmin expected utility, respectively, with a common set of priors and the same utility over consequences. We use this setup with two preference relations to develop a novel rationale for full Bayesian updating of maxmin expected utility preferences.

Suggested Citation

  • José Heleno Faro & Jean-Philippe Lefort, 2019. "Dynamic objective and subjective rationality," Post-Print hal-04233768, HAL.
    • Handle: RePEc:hal:journl:hal-04233768
    Note: View the original document on HAL open archive server: https://hal.science/hal-04233768
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    File URL: https://hal.science/hal-04233768/document
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    Cited by:

    1. Yi-Hsuan Lin & Fernando Payró Chew, 2024. "Updating Under Imprecise Information," Working Papers 1424, Barcelona School of Economics.

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