Dynamic objective and subjective rationality

• 成果类型: Article
• 署名作者: Faro, Jose Heleno; Lefort, Jean-Philippe
• 署名单位: Insper; Universite PSL; Universite Paris-Dauphine
• 刊物名称: THEORETICAL ECONOMICS
• ISSN/ISSBN: 1555-7561
• DOI: 10.3982/TE2122
• 发表日期: 2019-01-01
• 页码: 1-14
• 关键词: Dynamic consistency; full Bayesian updating; incomplete preferences; objective rationality; subjective rationality; maxmin expected utility; multiple priors; D81

摘要

We characterize prior-by-prior Bayesian updating using a model proposed by Gilboa, Maccheroni, Marinacci, and Schmeidler (2010) that jointly considers objective and subjective rationality. These rationality concepts are subject to the Bewley unanimity rule and maxmin expected utility, respectively, with a common set of priors and the same utility over consequences. We use this setup with two preference relations to develop a novel rationale for full Bayesian updating of maxmin expected utility preferences.