Conditional preferences and updating

• 成果类型: Article
• 署名作者: Wang, T
• 署名单位: University of British Columbia
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00028-0
• 发表日期: 2003
• 页码: 286-321
• 关键词: updating rules; learning; uncertainty; ambiguity

摘要

This paper axiomatizes updating rules for preferences that are not necessarily in the expected utility class. Two sets of results are presented. The first is the axiomatization of conditional preferences. The second consists of the axiomatization of three updating rules: the traditional Bayes rule, the Dempster-Shafer rule, and the generalized Bayes rule. The last rule can be regarded as the updating rule for the multi-prior expected utility (Gilboa and Schmeidler, J. Math. Econom. 18 (1989) 141). Operationally, it is equivalent to updating each prior by the traditional Bayes rule. (C) 2003 Elsevier Science (USA). All rights reserved.