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Bayes Consistent Plans

Author

Listed:
  • Edward J. Green

    (U. of Minnesota and Federal Reserve Bank of Minneapolis)

  • In-Uck Park

    (University of Bristol)

Abstract

An intuitively natural consistency condition for contingent plans is necessary and sufficient for a contingent plan to be rationalized by maximization of conditional expected utility. One alternative theory of choice under uncertainty, the weighted-utility theory developed by Chew Soo Hong (1983) does not entail that contingent plans will generally satisfy this condition. Another alternative theory, the minimax theory as formulated by Savage (1972), does entail the consistency condition (at least for singleton-valued plans).

Suggested Citation

  • Edward J. Green & In-Uck Park, 1993. "Bayes Consistent Plans," Game Theory and Information 9307002, EconWPA, revised 26 Jun 1994.
  • Handle: RePEc:wpa:wuwpga:9307002
    Note: 16 pages, plain TeX.
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    More about this item

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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