Incomplete Preferences Under Uncertainty: Indecisiveness in Beliefs versus Tastes

• 成果类型: Article
• 署名作者: Ok, Efe A.; Ortoleva, Pietro; Riella, Gil
• 署名单位: New York University; California Institute of Technology; Universidade de Brasilia
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA8040
• 发表日期: 2012
• 页码: 1791-1808
• 关键词: utility-theory; definition

摘要

We investigate the classical AnscombeAumann model of decision-making under uncertainty without the completeness axiom. We distinguish between the dual traits of indecisiveness in beliefs and indecisiveness in tastes. The former is captured by the Knightian uncertainty model, the latter by the single-prior expected multi-utility model. We characterize axiomatically the latter model. Then we show that, under independence and continuity, these two models can be jointly characterized by means of a partial completeness property.