Multiple tastes and beliefs with an infinite prize space
Kazuhiro Hara (kazuhiro.hara@fgv.br) and
Gil Riella (gil.riella@fgv.br)
Additional contact information
Kazuhiro Hara: FGV EPGE Brazilian School of Economics and Finance
Gil Riella: Getulio Vargas Foundation
Economic Theory, 2023, vol. 76, issue 2, No 2, 417-444
Abstract:
Abstract All previous axiomatizations of the multi-prior expected multi-utility representation work under the restriction of a finite prize space. In this paper we present an axiomatization of that model when the prize space is an arbitrary compact metric space. This opens the possibility of applying the model to new situations, like a setup with monetary lotteries and certainty equivalents. We illustrate this point with two applications. In addition, we use our main result to prove that the finite prize space assumption in Galaabaatar and Karni (Econometrica 81(1):255–284, 2013) can be weakened to a compact metric prize space.
Keywords: Incomplete preferences under uncertainty; State-dependent utility function; Multi-prior expected multi-utility representation; Cautious expected utility (search for similar items in EconPapers)
JEL-codes: D11 D81 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:
Downloads: (external link)
http://link.springer.com/10.1007/s00199-022-01452-2 Abstract (text/html)
Access to the full text of the articles in this series is restricted.
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:spr:joecth:v:76:y:2023:i:2:d:10.1007_s00199-022-01452-2
Ordering information: This journal article can be ordered from
http://www.springer. ... eory/journal/199/PS2
DOI: 10.1007/s00199-022-01452-2
Access Statistics for this article
Economic Theory is currently edited by Nichoals Yanneils
More articles in Economic Theory from Springer, Society for the Advancement of Economic Theory (SAET) Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla (sonal.shukla@springer.com) and Springer Nature Abstracting and Indexing (indexing@springernature.com).