Stochastic Independence under Knightian Uncertainty

Leonardo Pejsachowicz

Revue d'économie politique, 2016, vol. 126, issue 3, 379-398

Abstract: We show that under Bewley preferences, the axion 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
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