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Preference for Flexibility and Bayesian Updating

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Author Info
Gil Riella

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Abstract

Dekel, Lipman, and Rustichini (2001) show that preferences over menus of lotteries can be represented by the use of a unique subjective state space and a prior. We provide foundations for Bayesian updating in such a setup. When the subjective state space is finite, we show that Bayesian updating is linked to a comparative theory of preference for flexibility. Without the finiteness of the subjective state space, Bayesian updating is characterized by a more technical condition.

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Publisher Info
Paper provided by Central Bank of Brazil, Research Department in its series Working Papers Series with number 177.

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Date of creation: Jan 2009
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Handle: RePEc:bcb:wpaper:177

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This page was last updated on 2009-11-4.

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