Imprecise probabilistic beliefs as a context for decision-making under ambiguity

• 成果类型: Article
• 署名作者: Nehring, Klaus
• 署名单位: University of California System; University of California Davis
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2008.05.009
• 发表日期: 2009
• 页码: 1054-1091
• 关键词: Ambiguity; Comparative likelihood; qualitative probability; multiple priors; Probabilistic sophistication; Probabilistic beliefs; Unambiguous events

摘要

Coherent imprecise probabilistic beliefs are modeled as incomplete comparative likelihood relations admitting a multiple-prior representation. Under a structural assumption of Equidivisibility, we provide an axiomatization of such relations and show uniqueness of the representation. In the second part of the paper, we formulate a behaviorally general Likelihood Compatibility axiom relating preferences and probabilistic beliefs and characterize its implications for the class of invariant biseparable preferences that includes the MEU and CEU models among others. (C) 2008 Elsevier Inc. All rights reserved.