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Atemporal non-expected utility preferences, dynamic consistency and consequentialism

Author

Listed:
  • André Lapied

    (Paul cézanne University, GREQAM and IDEP)

  • Pascal Toquebeuf

    (Paul Cézanne University and GREQAM)

Abstract

This note studies conditions which allow to maintain a non-expected utility representation (Max-min expected utility and Choquet expected utility), dynamic consistency and consequentialism in an atemporal and purely subjective framework. By contrast with a dynamic set-up, where consistency can be reached with non-expected utility models, we show that both Maxmin expected utility and Choquet expected utility degenerate into an expected utility representation.

Suggested Citation

  • André Lapied & Pascal Toquebeuf, 2010. "Atemporal non-expected utility preferences, dynamic consistency and consequentialism," Economics Bulletin, AccessEcon, vol. 30(2), pages 1661-1669.
    • Handle: RePEc:ebl:ecbull:eb-09-00175
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    File URL: http://www.accessecon.com/Pubs/EB/2010/Volume30/EB-10-V30-I2-P152.pdf
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    References listed on IDEAS

    as
    1. Ramon Casadesus-Masanell & Peter Klibanoff & Emre Ozdenoren, 1998. "Maximum Expected Utility over Savage Acts with a Set of Priors," Discussion Papers 1218, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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    Cited by:

    1. Lapied, André & Toquebeuf, Pascal, 2012. "Dynamically consistent CEU preferences on f-convex events," Mathematical Social Sciences, Elsevier, vol. 63(3), pages 252-256.
    2. André Lapied & Pascal Toquebeuf, 2011. "Dynamically consistent CEU preferences," Working Papers halshs-00856193, HAL.
    3. André Lapied & Pascal Toquebeuf, 2013. "A note on “Re-examining the law of iterated expectations for Choquet decision makers”," Theory and Decision, Springer, vol. 74(3), pages 439-445, March.
    4. Alex Stomper & Marie‐Louise Vierø, 2022. "Iterated expectations under rank‐dependent expected utility and implications for common valuation methods," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(2), pages 739-763, May.

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    More about this item

    Keywords

    Non-expected utility; Choquet expected utility; Max-min expected utility; Dynamic consistency; Consequentialism;
    All these keywords.

    JEL classification:

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

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