Stochastic Independence under Knightian Uncertainty

Leonardo Pejsachowicz ()
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Leonardo Pejsachowicz: X-DEP-ECO - Département d'Économie de l'École Polytechnique - X - École polytechnique - IP Paris - Institut Polytechnique de Paris

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Abstract: We show that under Bewley preferences, the axiom that usually characterizes stochastic independence is not sufficient to uniquely identify a model of independent beliefs. We thus introduce the concept of product equivalent of an act and show that it allows us to obtain a unique characterization of stochastic independence for the Bewley and multiple-priors expected utility models.

Keywords: Bewley preferences; stochastic independence; product equivalents (search for similar items in EconPapers)
Date: 2016
Note: View the original document on HAL open archive server: https://hal.science/hal-01753323
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Published in Revue d'économie politique, 2016, 126 (3), pp.379-398. ⟨10.3917/redp.263.0379⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01753323

DOI: 10.3917/redp.263.0379

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