Dominance and admissibility without priors
Economics Letters, 2012, vol. 116, issue 1, 118-120
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)
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