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Bayes Consistent Plans

Listed author(s):
  • Edward J. Green

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

  • In-Uck Park

    (University of Bristol)

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).

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Paper provided by EconWPA in its series Game Theory and Information with number 9307002.

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Length: 16 pages
Date of creation: 27 Jul 1993
Date of revision: 26 Jun 1994
Handle: RePEc:wpa:wuwpga:9307002
Note: 16 pages, plain TeX.
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