Atemporal non-expected utility preferences, consequentialism and dynamic consistency

Pascal Toquebeuf ()
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Pascal Toquebeuf: GAEL - Laboratoire d'Economie Appliquée = Grenoble Applied Economics Laboratory - UPMF - Université Pierre Mendès France - Grenoble 2 - INRA - Institut National de la Recherche Agronomique

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Abstract: This note studies conditions which allow to maintain a non-expected utility representation (Max-min expected utility and Choquet expected utility), dynamic consistency and consequentialism in an atemporal and purely subjective framework. By contrast with a dynamic set-up, where consistency can be reached with non-expected utility models, we show that both Maxmin expected utility and Choquet expected utility degenerate into an expected utility representation.

Date: 2010-02-01
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Published in Economics Bulletin, 2010, 30 (2), pp.1661-1669

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04476938

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