Rationalisable belief selection

Sidong Sun

Economics Letters, 2023, vol. 232, issue C

Abstract: Considering a decision maker with beliefs from a probability–possibility set representing objective information about uncertainty, this study investigates the behavioural meanings of the assumption that the belief selection correspondence of the Max–min Expected Utility model can be rationalised. It can provide an axiomatic foundation for a class of models in which the decision maker exhibits a preference over probability measures that remains consistent across different probability–possibility sets and generate confirmatory bias.

Keywords: Decision making under uncertainty; Max–min expected utility model; Belief distortion (search for similar items in EconPapers)
JEL-codes: D01 D83 D90 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:232:y:2023:i:c:s0165176523003531

DOI: 10.1016/j.econlet.2023.111328

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