Monotone continuous multiple priors

Alain Chateauneuf, Fabio Macheronni, Massimo Marinacci and Jean-Marc Tallon ()
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Alain Chateauneuf: CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - CNRS : UMR8095 - Université Panthéon-Sorbonne - Paris I
Fabio Macheronni: Department of economics - Università Commerciale L. Bocconi

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Abstract: We show that the monotone continuity condition introduced by Arrow (1970) is the behavioral counterpart of countable additivity and weak compactness of the set of priors in a maxmin expected utility model. This generalizes Arrow's original result, who considered the special case of a singleton set of priors. Several other convenient technical properties of the set of priors, like non-atomicity, are studied and their behavioral counterparts are provided.

Keywords: multiple prior; continuity (search for similar items in EconPapers)
Date: 2005
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00177057/en/

Published, Economic Theory, 2005, 26, 4, 973-982

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Related works:
Working Paper: Monotone Continuous Multiple Priors (2003)
Journal Article: Monotone continuous multiple priors (2005)
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Persistent link: http://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00177057_v1

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