Updating variational (Bewley) preferences
Author
Abstract
Suggested Citation
DOI: 10.1007/s00199-021-01397-y
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Lars Peter Hansen & Thomas J Sargent, 2014.
"Robust Control and Model Uncertainty,"
World Scientific Book Chapters, in: UNCERTAINTY WITHIN ECONOMIC MODELS, chapter 5, pages 145-154,
World Scientific Publishing Co. Pte. Ltd..
- Thomas J. Sargent & LarsPeter Hansen, 2001. "Robust Control and Model Uncertainty," American Economic Review, American Economic Association, vol. 91(2), pages 60-66, May.
- Minardi, Stefania & Savochkin, Andrei, 2015.
"Preferences with grades of indecisiveness,"
Journal of Economic Theory, Elsevier, vol. 155(C), pages 300-331.
- Stefania Minardi & Andrei Savochkin, 2013. "Preferences With Grades of Indecisiveness," Carlo Alberto Notebooks 309, Collegio Carlo Alberto.
- Stefania Minardi & Andrei Savochkin, 2015. "Preferences with grades of indecisiveness," Post-Print hal-01147684, HAL.
- Simone Cerreia-Vioglio & Alfio Giarlotta & Salvatore Greco & Fabio Maccheroni & Massimo Marinacci, 2020. "Rational preference and rationalizable choice," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 69(1), pages 61-105, February.
- Ghirardato, Paolo & Marinacci, Massimo, 2002. "Ambiguity Made Precise: A Comparative Foundation," Journal of Economic Theory, Elsevier, vol. 102(2), pages 251-289, February.
- , & ,, 2007. "Updating preferences with multiple priors," Theoretical Economics, Econometric Society, vol. 2(3), September.
- Sautua, Santiago I., 2017. "Does uncertainty cause inertia in decision making? An experimental study of the role of regret aversion and indecisiveness," Journal of Economic Behavior & Organization, Elsevier, vol. 136(C), pages 1-14.
- Dubra, Juan & Maccheroni, Fabio & Ok, Efe A., 2004.
"Expected utility theory without the completeness axiom,"
Journal of Economic Theory, Elsevier, vol. 115(1), pages 118-133, March.
- Juan Dubra & Fabio Maccheroni & Efe Oki, 2001. "Expected utility theory without the completeness axiom," ICER Working Papers - Applied Mathematics Series 11-2001, ICER - International Centre for Economic Research.
- Juan Dubra & Fabio Maacheroni & Efe A. Ok, 2001. "Expected Utility Theory without the Completeness Axiom," Cowles Foundation Discussion Papers 1294, Cowles Foundation for Research in Economics, Yale University.
- Simon Grant & Patricia Rich & Jack Stecher, 2021. "Objective and subjective rationality and decisions with the best and worst case in mind," Theory and Decision, Springer, vol. 90(3), pages 309-320, May.
- ,, 2016.
"Objective rationality and uncertainty averse preferences,"
Theoretical Economics, Econometric Society, vol. 11(2), May.
- Simone Cerreia-Vioglio, 2011. "Objective Rationality and Uncertainty Averse Preferences," Working Papers 413, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Gilboa Itzhak & Schmeidler David, 1993.
"Updating Ambiguous Beliefs,"
Journal of Economic Theory, Elsevier, vol. 59(1), pages 33-49, February.
- Itzhak Gilboa & David Schmeidler, 1991. "Updating Ambiguous Beliefs," Discussion Papers 924, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Itzhak Gilboa & David Scheidler, 1993. "Updating Ambiguous Beliefs," Post-Print hal-00753150, HAL.
- Faro, José Heleno & Lefort, Jean-Philippe, 2019.
"Dynamic objective and subjective rationality,"
Theoretical Economics, Econometric Society, vol. 14(1), January.
- Faro, José Heleno & Lefort, Jean Philippe, 2013. "Dynamic Objective and Subjective Rationality," Insper Working Papers wpe_312, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.
- Faro, José Heleno, 2015.
"Variational Bewley preferences,"
Journal of Economic Theory, Elsevier, vol. 157(C), pages 699-729.
- Faro, José Heleno, 2011. "Variational Bewley Preferences," Insper Working Papers wpe_258, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.
- J. Tobin, 1958.
"Liquidity Preference as Behavior Towards Risk,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 25(2), pages 65-86.
- James Tobin, 1956. "Liquidity Preference as Behavior Towards Risk," Cowles Foundation Discussion Papers 14, Cowles Foundation for Research in Economics, Yale University.
- Epstein, Larry G. & Schneider, Martin, 2003.
"Recursive multiple-priors,"
Journal of Economic Theory, Elsevier, vol. 113(1), pages 1-31, November.
- Larry G. Epstein & Martin Schneider, 2001. "Recursive Multiple-Priors," RCER Working Papers 485, University of Rochester - Center for Economic Research (RCER).
- Spyros Galanis, 2021.
"Dynamic consistency, valuable information and subjective beliefs,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(4), pages 1467-1497, June.
- Galanis, S., 2019. "Dynamic Consistency, Valuable Information and Subjective Beliefs," Working Papers 19/02, Department of Economics, City University London.
- Paolo Ghirardato, 2002. "Revisiting Savage in a conditional world," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 20(1), pages 83-92.
- Peter Fishburn & Peter Wakker, 1995. "The Invention of the Independence Condition for Preferences," Management Science, INFORMS, vol. 41(7), pages 1130-1144, July.
- Wakker, Peter, 1996. "The sure-thing principle and the comonotonic sure-thing principle: An axiomatic analysis," Journal of Mathematical Economics, Elsevier, vol. 25(2), pages 213-227.
- Cesaltina Pacheco Pires, 2002. "A Rule For Updating Ambiguous Beliefs," Theory and Decision, Springer, vol. 53(2), pages 137-152, September.
- Gilboa, Itzhak & Postlewaite, Andrew & Schmeidler, David, 2009.
"Is It Always Rational To Satisfy Savage'S Axioms?,"
Economics and Philosophy, Cambridge University Press, vol. 25(3), pages 285-296, November.
- Itzhak Gilboa & Andrew Postlewaite & David Schmeidler, 2009. "Is It Always Rational to Satisfy Savage's Axioms?," Post-Print hal-00493170, HAL.
- Gilboa, Itzhak & Postlewaite, Andrew & Schmeidler, David, 2009. "Is It Always Rational to Satisfy Savage’s Axioms?," Foerder Institute for Economic Research Working Papers 275722, Tel-Aviv University > Foerder Institute for Economic Research.
- Yaari, Menahem E., 1969. "Some remarks on measures of risk aversion and on their uses," Journal of Economic Theory, Elsevier, vol. 1(3), pages 315-329, October.
- Ghirardato, Paolo & Maccheroni, Fabio & Marinacci, Massimo, 2004. "Differentiating ambiguity and ambiguity attitude," Journal of Economic Theory, Elsevier, vol. 118(2), pages 133-173, October.
- ,, 2011.
"Dynamic choice under ambiguity,"
Theoretical Economics, Econometric Society, vol. 6(3), September.
- Marciano Siniscalchi, 2006. "Dynamic Choice Under Ambiguity," Discussion Papers 1430, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Gilboa, Itzhak & Schmeidler, David, 1989.
"Maxmin expected utility with non-unique prior,"
Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
- Gilboa, Itzhak & Schmeidler, David, 1986. "Maxmin Expected Utility with a Non-Unique Prior," Foerder Institute for Economic Research Working Papers 275405, Tel-Aviv University > Foerder Institute for Economic Research.
- Itzhak Gilboa & David Schmeidler, 1989. "Maxmin Expected Utility with Non-Unique Prior," Post-Print hal-00753237, HAL.
- Lehrer, Ehud & Teper, Roee, 2011. "Justifiable preferences," Journal of Economic Theory, Elsevier, vol. 146(2), pages 762-774, March.
- Camerer, Colin & Weber, Martin, 1992.
"Recent Developments in Modeling Preferences: Uncertainty and Ambiguity,"
Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 325-370, October.
- Camerer, Colin F. & Weber, Martin, 1991. "Recent developments in modelling preferences: Uncertainty and ambiguitiy," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 275, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
- Gilboa,Itzhak, 2009.
"Theory of Decision under Uncertainty,"
Cambridge Books,
Cambridge University Press, number 9780521517324, January.
- Gilboa,Itzhak, 2009. "Theory of Decision under Uncertainty," Cambridge Books, Cambridge University Press, number 9780521741231, January.
- Sarin, Rakesh & Wakker, Peter P, 1998. "Dynamic Choice and NonExpected Utility," Journal of Risk and Uncertainty, Springer, vol. 17(2), pages 87-119, November.
- Lorenzo Bastianello & José Heleno Faro & Flávia Teles, 2020. "Independence and Variational Bewley Preferences: A Note," Revue économique, Presses de Sciences-Po, vol. 71(2), pages 337-347.
- Itzhak Gilboa & Fabio Maccheroni & Massimo Marinacci & David Schmeidler, 2010.
"Objective and Subjective Rationality in a Multiple Prior Model,"
Econometrica, Econometric Society, vol. 78(2), pages 755-770, March.
- Itzhak Gilboa & Fabio Maccheroni & Massimo Marinacci & David Schmeidler, 2008. "Objective and Subjective Rationality in a Multiple Prior Model," Carlo Alberto Notebooks 73, Collegio Carlo Alberto, revised 2008.
- Itzhak Gilboa & Fabio Maccheroni & Massimo Marinacci & David Schmeidler, 2010. "Objective and Subjective Rationality in a Multiple Prior Model," Post-Print hal-00537082, HAL.
- Gilboa, Itzhak & Maccheroni, Fabio & Marinacciand, Massimo & Schmeidler, David, 2009. "Objective and Subjective Rationality in a Multiple Prior Model," Foerder Institute for Economic Research Working Papers 275721, Tel-Aviv University > Foerder Institute for Economic Research.
- ,, 2009. "Choice deferral and ambiguity aversion," Theoretical Economics, Econometric Society, vol. 4(2), June.
- Juan Dubra & Fabio Maccheroni & Efe A. Ok, 2004. "Expected Utility Without the Completeness Axiom," Yale School of Management Working Papers ysm404, Yale School of Management.
- Ok, Efe A., 2002. "Utility Representation of an Incomplete Preference Relation," Journal of Economic Theory, Elsevier, vol. 104(2), pages 429-449, June.
- Efe A. Ok & Pietro Ortoleva & Gil Riella, 2012. "Incomplete Preferences Under Uncertainty: Indecisiveness in Beliefs versus Tastes," Econometrica, Econometric Society, vol. 80(4), pages 1791-1808, July.
- Epstein Larry G. & Le Breton Michel, 1993. "Dynamically Consistent Beliefs Must Be Bayesian," Journal of Economic Theory, Elsevier, vol. 61(1), pages 1-22, October.
- Lorenzo Bastianello & José Heleno Faro & Flávia Teles, 2020. "Independence and Variational Bewley~Preferences: A Note," Post-Print hal-04129335, HAL.
- Hanany Eran & Klibanoff Peter, 2009. "Updating Ambiguity Averse Preferences," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 9(1), pages 1-53, November.
- Mira Frick & Ryota Iijima & Yves Le Yaouanq, 2020.
"Objective rationality foundations for (dynamic) alpha-MEU,"
Cowles Foundation Discussion Papers
2244R, Cowles Foundation for Research in Economics, Yale University, revised Jul 2021.
- Mira Frick & Ryota Iijima & Yves Le Yaouanq, 2020. "Objective rationality foundations for (dynamic) alpha-MEU," Cowles Foundation Discussion Papers 2244, Cowles Foundation for Research in Economics, Yale University.
- Costa-Gomes, Miguel & Cueva, Carlos & Gerasimou, Georgios, 2014.
"Choice, Deferral and Consistency,"
SIRE Discussion Papers
2015-17, Scottish Institute for Research in Economics (SIRE).
- Miguel Costa-Gomes & Carlos Cueva & Georgios Gerasimou & Matus Tejiscak, 2014. "Choice, Deferral and Consistency," Discussion Paper Series, School of Economics and Finance 201416, School of Economics and Finance, University of St Andrews, revised 18 Dec 2020.
- Tsogbadral Galaabaatar & Edi Karni, 2013. "Subjective Expected Utility With Incomplete Preferences," Econometrica, Econometric Society, vol. 81(1), pages 255-284, January.
- Eliaz, Kfir & Ok, Efe A., 2006. "Indifference or indecisiveness? Choice-theoretic foundations of incomplete preferences," Games and Economic Behavior, Elsevier, vol. 56(1), pages 61-86, July.
- Li, Jian, 2020. "Preferences for partial information and ambiguity," Theoretical Economics, Econometric Society, vol. 15(3), July.
- Eric Danan & Anthony Ziegelmeyer, 2006. "Are preferences complete? An experimental measurement of indecisiveness under risk," Papers on Strategic Interaction 2006-01, Max Planck Institute of Economics, Strategic Interaction Group.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Youichiro Higashi & Kazuya Hyogo & Gil Riella, 2024. "Dynamically consistent menu preferences," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 78(4), pages 1047-1074, December.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Spyros Galanis, 2021.
"Dynamic consistency, valuable information and subjective beliefs,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(4), pages 1467-1497, June.
- Galanis, S., 2019. "Dynamic Consistency, Valuable Information and Subjective Beliefs," Working Papers 19/02, Department of Economics, City University London.
- Faro, José Heleno & Lefort, Jean-Philippe, 2019.
"Dynamic objective and subjective rationality,"
Theoretical Economics, Econometric Society, vol. 14(1), January.
- Faro, José Heleno & Lefort, Jean Philippe, 2013. "Dynamic Objective and Subjective Rationality," Insper Working Papers wpe_312, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.
- Lorenzo Bastianello & José Heleno Faro & Ana Santos, 2022. "Dynamically consistent objective and subjective rationality," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 74(2), pages 477-504, September.
- Simone Cerreia-Vioglio & Alfio Giarlotta & Salvatore Greco & Fabio Maccheroni & Massimo Marinacci, 2020. "Rational preference and rationalizable choice," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 69(1), pages 61-105, February.
- Frick, Mira & Iijima, Ryota & Le Yaouanq, Yves, 2022.
"Objective rationality foundations for (dynamic) α-MEU,"
Journal of Economic Theory, Elsevier, vol. 200(C).
- Frick, Mira & Iijima, Ryota & Le Yaouanq, Yves, 2020. "Objective Rationality Foundations for (Dynamic) α-MEU," Rationality and Competition Discussion Paper Series 252, CRC TRR 190 Rationality and Competition.
- Simone Cerreia-Vioglio & Alfio Giarlotta & Salvatore Greco & Fabio Maccheroni & Massimo Marinacci, 2020.
"Rational preference and rationalizable choice,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 69(1), pages 61-105, February.
- S. Cerreia-Vioglio & A. Giarlotta & S. Greco & F. Maccheroni & M. Marinacci, 2016. "Rational Preference and Rationalizable Choice," Working Papers 589, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Gumen, Anna & Savochkin, Andrei, 2013.
"Dynamically stable preferences,"
Journal of Economic Theory, Elsevier, vol. 148(4), pages 1487-1508.
- Anna Gumena & Andrei Savochkin, 2012. "Dynamically Stable Preferences," Carlo Alberto Notebooks 263, Collegio Carlo Alberto.
- Karni, Edi & Maccheroni, Fabio & Marinacci, Massimo, 2015. "Ambiguity and Nonexpected Utility," Handbook of Game Theory with Economic Applications,, Elsevier.
- Federica Ceron & Vassili Vergopoulos, 2020. "Recursive objective and subjective multiple priors," Post-Print halshs-02900497, HAL.
- Federica Ceron & Vassili Vergopoulos, 2020. "Recursive objective and subjective multiple priors," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-02900497, HAL.
- Minardi, Stefania & Savochkin, Andrei, 2015.
"Preferences with grades of indecisiveness,"
Journal of Economic Theory, Elsevier, vol. 155(C), pages 300-331.
- Stefania Minardi & Andrei Savochkin, 2013. "Preferences With Grades of Indecisiveness," Carlo Alberto Notebooks 309, Collegio Carlo Alberto.
- Stefania Minardi & Andrei Savochkin, 2015. "Preferences with grades of indecisiveness," Post-Print hal-01147684, HAL.
- Federica Ceron & Vassili Vergopoulos, 2020. "Recursive objective and subjective multiple priors," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-02563318, HAL.
- Takao Asano & Hiroyuki Kojima, 2019. "Consequentialism and dynamic consistency in updating ambiguous beliefs," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 68(1), pages 223-250, July.
- Hill, Brian, 2016.
"Incomplete preferences and confidence,"
Journal of Mathematical Economics, Elsevier, vol. 65(C), pages 83-103.
- Hill , Brian, 2014. "Incomplete Preferences and Confidence," HEC Research Papers Series 1051, HEC Paris.
- Federica Ceron & Vassili Vergopoulos, 2020. "Recursive objective and subjective multiple priors," Documents de travail du Centre d'Economie de la Sorbonne 20008, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- Federica Ceron & Vassili Vergopoulos, 2020. "Recursive objective and subjective multiple priors," Working Papers halshs-02563318, HAL.
- Faro, José Heleno, 2015.
"Variational Bewley preferences,"
Journal of Economic Theory, Elsevier, vol. 157(C), pages 699-729.
- Faro, José Heleno, 2011. "Variational Bewley Preferences," Insper Working Papers wpe_258, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.
- Cettolin, Elena & Riedl, Arno, 2019. "Revealed preferences under uncertainty: Incomplete preferences and preferences for randomization," Journal of Economic Theory, Elsevier, vol. 181(C), pages 547-585.
- Heyen, Daniel, 2018. "Ambiguity aversion under maximum-likelihood updating," LSE Research Online Documents on Economics 80342, London School of Economics and Political Science, LSE Library.
- Alexander Zimper, 2011.
"Do Bayesians Learn Their Way Out of Ambiguity?,"
Decision Analysis, INFORMS, vol. 8(4), pages 269-285, December.
- Alexander Zimper, 2011. "Do Bayesians learn their way out of ambiguity?," Working Papers 240, Economic Research Southern Africa.
More about this item
Keywords
Dynamic consistency; Full Bayesian update; Forced choices; Incomplete preferences; Variational Bewley preferences; Variational preferences;All these keywords.
JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:joecth:v:75:y:2023:i:1:d:10.1007_s00199-021-01397-y. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.