Published August 28, 2017
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Dynamic Consistency Implies Approximately Expected Utility Preferences
- Creators
- Border, Kim C.
- Segal, Uzi
Abstract
Machina has proposed a definition of dynamic consistency which admits non-expected utility functionals. We show that even under this new definition, a dynamically consistent preference relation that is differentiable becomes arbitrarily close to an expected utility preference after the realization of a low probability event.
Additional Information
Published as Border, Kim C., and Uzi Segal. "Dynamic consistency implies approximately expected utility preferences." Journal of Economic Theory 63, no. 2 (1994): 170-188.Attached Files
Submitted - sswp821.pdf
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Additional details
- Eprint ID
- 80862
- Resolver ID
- CaltechAUTHORS:20170828-143106635
- Created
-
2017-08-28Created from EPrint's datestamp field
- Updated
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2019-10-03Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 821