Probabilistic sophistication and multiple priors
We show that under fairly mild conditions, a maximin expected utility preference relation is probabilistically sophisticated if and only if it is subjective expected utility.
|Date of creation:||Jan 2001|
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Springer;Society for the Advancement of Economic Theory (SAET), vol. 26(4), pages 973-982, November.
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Elsevier, vol. 18(2), pages 141-153, April.
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474, University of Rochester - Center for Economic Research (RCER).
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- Grant, Simon, 1995. "Subjective Probability without Monotonicity: Or How Machina's Mom May Also Be Probabilistically Sophisticated," Econometrica, Econometric Society, vol. 63(1), pages 159-89, January.
- Epstein Larry G. & Le Breton Michel, 1993. "Dynamically Consistent Beliefs Must Be Bayesian," Journal of Economic Theory, Elsevier, vol. 61(1), pages 1-22, October.
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- Paolo Ghirardato & Massimo Marinacci, 2000. "The impossibility of compromise: some uniqueness properties of expected utility preferences," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 16(2), pages 245-258.
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