Atemporal non-expected utility preferences, dynamic consistency and consequentialism

André Lapied () and Pascal Toquebeuf

Economics Bulletin, 2010, vol. 30, issue 2, 1661-1669

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.

Keywords: Non-expected utility; Choquet expected utility; Max-min expected utility; Dynamic consistency; Consequentialism (search for similar items in EconPapers)
JEL-codes: D8 (search for similar items in EconPapers)
Date: 2010-06-19
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Citations: View citations in EconPapers (7)

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