Completing the state space with subjective states

• 成果类型: Article
• 署名作者: Ozdenoren, E
• 署名单位: University of Michigan System; University of Michigan
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2001.2824
• 发表日期: 2002
• 页码: 531-539
• 关键词: subjective states; unforeseen contingencies; preference for flexibility; Uncertainty aversion; ambiguity

摘要

We define an opportunity act as a mapping from an exogenously given objective state space to a set of lotteries over prizes. and consider preferences over opportunity acts, We allow the preferences to be possibly uncertainty averse. Our main theorem provides an axiomatization of the maxmin expected utility model. In the theorem we construct subjective states to complete the objective state space. As in E. Dekel et al. (Econometrica, in press), we obtain a unique subjective state space. We also allow for preference for flexibility in sonic of the subjective states and commitment in others. (C) 2001 Elsevier Science (USA).