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- Title
Unambiguous events and dynamic Choquet preferences.
- Authors
Dominiak, Adam; Lefort, Jean-Philippe
- Abstract
This paper explores the relationship between dynamic consistency and existing notions of unambiguous events for Choquet expected utility preferences. A decision maker is faced with an information structure represented by a filtration. We show that the decision maker's preferences respect dynamic consistency on a fixed filtration if and only if the last stage of the filtration is composed of unambiguous events in the sense of Nehring (Math Social Sci 38:197-213, 1999). Adopting two axioms, conditional certainty equivalence consistency and constrained dynamic consistency to filtration measurable acts, it is shown that the decision maker respects these two axioms on a fixed filtration if and only if the last stage of the filtration is made up of unambiguous events in the sense of Zhang (Econ Theory 20:159-181, 2002).
- Subjects
CHOQUET theory; CONSEQUENTIALISM (Ethics); DECISION making; FOUNDATIONS of geometry; PARALLELS (Geometry); CERTAINTY
- Publication
Economic Theory, 2011, Vol 46, Issue 3, p401
- ISSN
0938-2259
- Publication type
Article
- DOI
10.1007/s00199-009-0512-7