Piecewise additivity for non-expected utility

Autor:	Craig S. Webb
Rok vydání:	2015
Předmět:	Economics and Econometrics Mathematical optimization Isoelastic utility Cardinal utility Piecewise Subjective expected utility Von Neumann–Morgenstern utility theorem Outcome (game theory) Mathematical economics Preference (economics) Expected utility hypothesis Mathematics
Zdroj:	Economic Theory. 60:371-392
ISSN:	1432-0479 0938-2259
DOI:	10.1007/s00199-015-0871-1
Popis:	A model of choice under purely subjective uncertainty, Piecewise Additive Choquet Expected utility, is introduced. PACE utility allows for optimism and pessimism simultaneously, but represents a minimal departure from expected utility. It can be seen as a continuous version of NEO-expected utility (Chateauneuf et al. in J Econ Theory 137:538–567, 2007) and, as such, is especially suited for applications with rich state spaces. The main theorem provides a preference foundation for PACE utility in the Savage framework of purely subjective uncertainty with an arbitrary outcome set.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::5ef5e2d48530fc9af090292616865fde https://doi.org/10.1007/s00199-015-0871-1 Zobrazit plný text záznamu Plný text ve formátu PDF