Dynamically stable preferences

• 成果类型: Article
• 署名作者: Gumen, Anna; Savochkin, Andrei
• 署名单位: New York University; Collegio Carlo Alberto
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2013.04.018
• 发表日期: 2013
• 页码: 1487-1508
• 关键词: Dynamic consistency; Dynamic stability; ambiguity; Invariance; consequentialism; Multiplier preferences

摘要

In the framework of dynamic choice under uncertainty, we define dynamic stability as a combination of two assumptions prevalent in the literature: dynamic consistency and the requirement that updated preferences have the same structure as ex ante ones. Dynamic stability also turns out to be a defining characteristic of the multiplier preferences of Hansen and Sargent (2001) [24] within the scope of variational preferences. Generally, for any class of invariant preferences, dynamic stability is shown to be connected to another independent property - consequentialism. (C) 2013 Elsevier Inc. All rights reserved.