Maxmin expected utility in Savage's framework

• 成果类型: Article
• 署名作者: Borie, Dino
• 署名单位: CY Cergy Paris Universite
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2023.105665
• 发表日期: 2023
• 关键词: Maxmin expected utility; Purely subjective probability; Uncertainty aversion; Savage

摘要

We axiomatize the maxmin expected utility model in Savage's original framework, which does not re-quire a rich set of consequences nor objective probabilities. The key conditions in our result reformulate Gilboa-Schmeidler's (1989) Uncertainty Aversion and Certainty Independence for Savage's acts. Also, we propose a definition for comparative ambiguity aversion in this context. (c) 2023 Elsevier Inc. All rights reserved.