Justifiable preferences

Ehud Lehrer and Roee Teper ()

Journal of Economic Theory, 2011, vol. 146, issue 2, 762-774

Abstract: We characterize preferences over acts that can be represented by a utility function and a multiple-prior, such that an act f is preferred to act g if there is a prior under which the expected utility induced by f is higher than that induced by g. These preferences are referred to as justifiable preferences. We further introduce a generalized model of ambiguity that involves a collection of multiple-priors, namely, multiple multiple-priors and incorporate Bewley[modifier letter apostrophe]s Knightian model in justifiability: f is preferred to g if, according to at least one set of priors, f is unanimously preferred to g.

Keywords: Justifiable; preferences; Multiple-prior; Multiple; multiple-prior (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (44)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:146:y:2011:i:2:p:762-774

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