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On the confidence preferences model

Author

Listed:
  • Alain Chateauneuf

    () (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics)

  • José Heleno Faro

    (CEDEPLAR - Centro de Desenvolvimento e Planejamento Regional - Universidade Federal de Minas Gerais)

Abstract

In this paper we study the model of decision under uncertainty consistent with confidence preferences. In that model, a decision maker held beliefs represented by a fuzzy set of priors and tastes captured by a standard affine utility index on consequences. First, we find some interesting properties concerning the well-known maxmin expected utility model, taking into account the point of view of the confidence preferences model. Further, we provide new examples of preferences that capture ambiguity-averse attitudes weaker than ambiguity attitudes featured by maxmin expected utility theory. Finally, we discuss the axiomatic foundations for the confidence preferences model with optimistic behavior.

Suggested Citation

  • Alain Chateauneuf & José Heleno Faro, 2012. "On the confidence preferences model," PSE - Labex "OSE-Ouvrir la Science Economique" hal-00685409, HAL.
  • Handle: RePEc:hal:pseose:hal-00685409
    DOI: 10.1016/j.fss.2011.08.002
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00685409
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    Cited by:

    1. José Faro, 2013. "Cobb-Douglas preferences under uncertainty," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 54(2), pages 273-285, October.

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