Published July 2012
| Published
Journal Article
Open
Incomplete Preferences Under Uncertainty: Indecisiveness in Beliefs versus Tastes
- Creators
- Ok, Efe A.
- Ortoleva, Pietro
- Riella, Gil
Abstract
We investigate the classical Anscombe–Aumann model of decision-making under uncertainty without the completeness axiom. We distinguish between the dual traits of "indecisiveness in beliefs" and "indecisiveness in tastes." The former is captured by the Knightian uncertainty model, the latter by the single-prior expected multi-utility model. We characterize axiomatically the latter model. Then we show that, under independence and continuity, these two models can be jointly characterized by means of a partial completeness property.
Additional Information
© 2012 The Econometric Society. Manuscript received July, 2008; final revision received October, 2011. Article first published online: 25 Jul. 2012. Various discussions with Ozgur Evren and Peter Wakker have contributed to this work; we gratefully acknowledge our intellectual debt to them. We also thank the co-editor and three referees for their substantial comments, expository and otherwise, concerning this paper. Finally, we acknowledge the financial support of the C. V. Starr Center for Applied Economics at New York University.Attached Files
Published - ECTA8040.pdf
Files
ECTA8040.pdf
Files
(232.9 kB)
| Name | Size | Download all |
|---|---|---|
|
md5:5045a9078de5e86a11151f4978b4ec66
|
232.9 kB | Preview Download |
Additional details
- Eprint ID
- 34080
- Resolver ID
- CaltechAUTHORS:20120914-081635174
- New York University C. V. Starr Center for Applied Economics
- Created
-
2012-09-14Created from EPrint's datestamp field
- Updated
-
2021-11-09Created from EPrint's last_modified field