Dynamically consistent preferences under imprecise probabilistic information
| Autor: | Jean-Marc Tallon, Vassili Vergopoulos, Frank Riedel |
|---|---|
| Přispěvatelé: | University of Johannesburg (UJ), Universitat Bielefeld, Paris School of Economics (PSE), Paris Jourdan Sciences Economiques (PJSE), Université Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS Paris)-Institut National de la Recherche Agronomique (INRA)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS), Centre d'économie de la Sorbonne (CES), Université Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Bauhaus-Universität Weimar, École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS) |
| Jazyk: | angličtina |
| Rok vydání: | 2018 |
| Předmět: |
Economics and Econometrics
Ambiguity Imprecise probabilistic information imprecision aversion Computer science media_common.quotation_subject Decision theory Information needs Machine learning computer.software_genre Imprecise information Set (abstract data type) multiple priors 0502 economics and business Prior probability ddc:330 050207 economics Axiom 050205 econometrics media_common business.industry Applied Mathematics 05 social sciences Probabilistic logic JEL: D - Microeconomics/D.D8 - Information Knowledge and Uncertainty/D.D8.D81 - Criteria for Decision-Making under Risk and Uncertainty [SHS.ECO]Humanities and Social Sciences/Economics and Finance D81 dynamic consistency Time consistency Artificial intelligence business computer |
| Zdroj: | Journal of Mathematical Economics Journal of Mathematical Economics, Elsevier, 2018, ⟨10.1016/j.jmateco.2018.04.006⟩ PUB-Publications at Bielefeld University |
| ISSN: | 0304-4068 |
| DOI: | 10.1016/j.jmateco.2018.04.006⟩ |
| Popis: | This paper extends decision theory under imprecise probabilistic information to dynamic settings. We explore the relationship between the given objective probabilistic information, an agent's subjective multiple priors, and updating. Dynamic consistency implies rectangular sets of priors at the subjective level. As the objective probabilistic information need not be consistent with rectangularity at the subjective level, agents might select priors outside the objective probabilistic information while respecting the support of the given set of priors. Under suitable additional axioms, the subjective set of priors belongs to the rectangular hull of the objective probabilistic information. (C) 2018 Elsevier B.V. All rights reserved. |
| Databáze: | OpenAIRE |
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