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When is a centrally symmetric set of priors also rectangular?

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  • Pascal Toquebeuf

    (GAEL - Laboratoire d'Economie Appliquée de Grenoble - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes)

Abstract

This paper investigates the compatibility of the properties of rectangularity and central symmetry for the set of probabilities in the alpha-Maxmin Expected Utility model. In this framework, rectangularity is the condition that ensures dynamic consistency. We show that when a set of probabilities is centrally symmetric, this requirement forces a strict trade-off: ambiguity, defined as non-singleton beliefs, must vanish either for the marginal probabilities over partitions or for the conditional probabilities given partition elements at each stage of the filtration.

Suggested Citation

  • Pascal Toquebeuf, 2026. "When is a centrally symmetric set of priors also rectangular?," Post-Print hal-05602622, HAL.
    • Handle: RePEc:hal:journl:hal-05602622
    DOI: 10.1007/s40505-026-00311-w
    Note: View the original document on HAL open archive server: https://hal.science/hal-05602622v2
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