Negative certainty independence without betweenness

David Dillenberger and Selman Erol

Economics Letters, 2013, vol. 120, issue 3, 596-598

Abstract: Dillenberger (2010) introduced the negative certainty independence (NCI) axiom, which captures the certainty effect phenomenon. He left open the question of whether there are continuous and monotone preference relations over simple lotteries that satisfy NCI but do not belong to the betweenness class of preferences considered by Chew (1989) and Dekel (1986). We answer this question in the affirmative.

Keywords: Preferences under risk; Betweenness; Certainty effect; Negative certainty independence (search for similar items in EconPapers)
JEL-codes: D80 D81 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:120:y:2013:i:3:p:596-598

DOI: 10.1016/j.econlet.2013.06.010

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