Likely Events and Possible States

Kin Chung Lo

The B.E. Journal of Theoretical Economics, 2006, vol. 5, issue 1, 22

Abstract: This paper provides a recipe to generate definitions of possibility, which is equivalent to the standard approach of deriving possibility from belief/knowledge. Savage's notion of nonnullity is therefore an example that fits into our framework. The recipe is used to create a new definition of possibility, which is logically coherent for all weakly monotonic preferences. For various nonexpected utility models of preference, our new definition improves nonnullity and its existing alternatives.

Keywords: belief; knowledge; Nash equilibrium; preference; uncertainty (search for similar items in EconPapers)
Date: 2006
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DOI: 10.2202/1534-598X.1250

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