Dynamic consistency and reference points
成果类型：
Article
署名作者：
Segal, U
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.2204
发表日期：
1997
页码：
208-219
关键词：
摘要：
This note provides a positive answer to the following question. Is it possible to define a set of preference relations, one for each node of a decision tree, such that these preferences satisfy the reduction of compound lotteries axiom and dynamic consistency, and yet do not converge to expected utility? It is argued that updated preferences necessarily have one affine indifference curve but that other indifference curves are unrestricted. A connection is drawn to modelling ''reference points.'' (C) 1997 Academic Press.
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