Justifiable preferences

• 成果类型: Article
• 署名作者: Lehrer, Ehud; Teper, Roee
• 署名单位: Tel Aviv University; INSEAD Business School
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2010.12.007
• 发表日期: 2011
• 页码: 762-774
• 关键词: Justifiable preferences; Multiple-prior; Multiple multiple-prior

摘要

We characterize preferences over acts that can be represented by a utility function and a multiple-prior, such that an act f is preferred to act g if there is a prior under which the expected utility induced by f is higher than that induced by g. These preferences are referred to as justifiable preferences. We further introduce a generalized model of ambiguity that involves a collection of multiple-priors, namely, multiple multiple-priors and incorporate Bewley's Knightian model in justifiability: f is preferred to g if, according to at least one set of priors, f is unanimously preferred to g. (C) 2010 Elsevier Inc. All rights reserved.