The α-MEU model: A comment

• 成果类型: Article
• 署名作者: Eichberger, Juergen; Grant, Simon; Kelsey, David; Koshevoy, Gleb A.
• 署名单位: Rice University; Ruprecht Karls University Heidelberg; University of Queensland; University of Exeter; Russian Academy of Sciences; Central Economics & Mathematics Institute RAS
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2011.03.019
• 发表日期: 2011
• 页码: 1684-1698
• 关键词: Ambiguity; multiple priors; Invariant biseparable; Clarke derivative; Ambiguity-preference

摘要

In Ghirardato et al. (2004) [7], Ghirardato, Macheroni and Marinacci propose a method for distinguishing between perceived ambiguity and the decision-maker's reaction to it. They study a general class of preferences which they refer to as invariant biseparable. This class includes CEU and MEU. They axiomatize a subclass of alpha-MEU preferences. If attention is restricted to finite state spaces, we show that any alpha-MEU preference relation, satisfies GMM's axioms if and only if alpha = 0 or 1, that is, the preferences must be either maxmin or maxmax. We show by example that these axioms may be satisfied when the state space is [0,1]. (C) 2011 Elsevier Inc. All rights reserved.