Dominance and admissibility without priors

Jörg Stoye

Economics Letters, 2012, vol. 116, issue 1, 118-120

Abstract: This note axiomatizes the incomplete preference ordering that reflects statewise dominance with respect to expected utility, as well as the according choice correspondence. The main motivation is to clarify how admissibility as understood by statisticians relates to existing axiomatizations. The answer is that it is characterized by Anscombe and Aumann’s (1963) axioms, plus symmetry (Arrow and Hurwicz, 1972), less completeness. Characterizing the according choice correspondence requires relaxing the weak axiom of revealed preference.

Keywords: Admissibility; Incompleteness; Ambiguity; Statistical decision theory (search for similar items in EconPapers)
JEL-codes: C44 D81 (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0165176512000432
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:116:y:2012:i:1:p:118-120

DOI: 10.1016/j.econlet.2012.02.003

Access Statistics for this article

Economics Letters is currently edited by Economics Letters Editorial Office

More articles in Economics Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().