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Atemporal non-expected utility preferences, consequentialism and dynamic consistency

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  • Pascal Toquebeuf

    (GAEL - Laboratoire d'Economie Appliquée = Grenoble Applied Economics Laboratory - UPMF - Université Pierre Mendès France - Grenoble 2 - INRA - Institut National de la Recherche Agronomique - CNRS - Centre National de la Recherche Scientifique)

Abstract

This note studies conditions which allow to maintain a non-expected utility representation (Max-min expected utility and Choquet expected utility), dynamic consistency and consequentialism in an atemporal and purely subjective framework. By contrast with a dynamic set-up, where consistency can be reached with non-expected utility models, we show that both Maxmin expected utility and Choquet expected utility degenerate into an expected utility representation.

Suggested Citation

  • Pascal Toquebeuf, 2010. "Atemporal non-expected utility preferences, consequentialism and dynamic consistency," Post-Print hal-04476938, HAL.
    • Handle: RePEc:hal:journl:hal-04476938
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