An Axiomatization of Choquet Expected Utility with Cominimum Independence

Takao Asano () and Hiroyuki Kojima ()
Additional contact information
Takao Asano: Faculty of Economics, Okayama University
Hiroyuki Kojima: Department of Economics, Teikyo University

No 878, KIER Working Papers from Kyoto University, Institute of Economic Research

Abstract: This paper proposes a class of independence axioms for simple acts. By introducing the E-cominimum independence axiom that is stronger than the comonotonic independence axiom but weaker than the independence axiom, we provide a new axiomatization theorem of simple acts within the framework of Choquet Expected Utility. Furthermore, in order to provide the axiomatization of simple acts, we generalize Kajii, Kojima, and Ui (2007, Journal of Mathematical Economics) into an infinite state space. Our axiomatization theorem relates Choquet Expected Utility to Multi-prior Expected Utility through the core of a capacity that is explicitly derived within our framework. Our result in this paper also derives Gilboa (1989, Econometrica), Eichberger and Kelsey (1999, Theory and Decision), and Rohde (2010, Social Choice and Welfare) as a corollary.

Keywords: Cominimum Additivity; Cominimum Independence; Choquet Expected Utility; Multi-prior Expected Utility; Core; E-Capacity Expected Utility (search for similar items in EconPapers)
JEL-codes: C71 D81 D90 (search for similar items in EconPapers)
Pages: 25pages
Date: 2013-09
New Economics Papers: this item is included in nep-mic and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.kier.kyoto-u.ac.jp/DP/DP878.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kyo:wpaper:878

Access Statistics for this paper

More papers in KIER Working Papers from Kyoto University, Institute of Economic Research Contact information at EDIRC.
Bibliographic data for series maintained by Makoto Watanabe ().