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A robust definition of possibility for biseparable preferences

Author

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  • Kin Chung Lo

    (Department of Economics, York University)

Abstract

This note presents several preference-based definitions of a likely event, and shows that they induce (in the sense of Lo 2005b) the same set of possible states for biseparable preferences.

Suggested Citation

  • Kin Chung Lo, 2006. "A robust definition of possibility for biseparable preferences," Economics Bulletin, AccessEcon, vol. 4(37), pages 1-7.
    • Handle: RePEc:ebl:ecbull:eb-06d80017
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    File URL: http://www.accessecon.com/pubs/EB/2006/Volume4/EB-06D80017A.pdf
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    References listed on IDEAS

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    1. Tversky, Amos & Kahneman, Daniel, 1992. "Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
    2. Matthew J. Ryan, 2002. "What do uncertainty-averse decision-makers believe?," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 20(1), pages 47-65.
    3. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-587, May.
    4. Dow James & Werlang Sergio Ribeiro Da Costa, 1994. "Nash Equilibrium under Knightian Uncertainty: Breaking Down Backward Induction," Journal of Economic Theory, Elsevier, vol. 64(2), pages 305-324, December.
    5. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
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    Cited by:

    1. Lo, Kin Chung, 2011. "Possibility and permissibility," Mathematical Social Sciences, Elsevier, vol. 62(2), pages 109-113, September.

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    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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