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A characterization of Brandenburger–Friedenberg–Keisler’s assumption

Byung Soo Lee

Economics Letters, 2016, vol. 145, issue C, 60-64

Abstract: Brandenburger et al.’s (2008) preference-based definition of assumption has two requirements: nontriviality and strict determination. We show that a decision maker’s preferences satisfy strict determination (on a given event) if and only if her unconditional preferences are equivalent to a lexicographic evaluation of her conditional preferences. An immediate application of this result yields a characterization of all lexicographic probability systems (LPS’s)—similar to the characterization in Brandenburger et al.(2008) for a strict subset of LPS’s—under which an event is assumed.

Keywords: Strict determination; Assumption; Lexicographic probability (search for similar items in EconPapers)
JEL-codes: C72 D80 (search for similar items in EconPapers)
Date: 2016
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