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Guessing the beliefs

Jean-Philippe Lefort

Journal of Mathematical Economics, 2009, vol. 45, issue 12, 846-853

Abstract: A decision maker facing Knightian uncertainty is about to tell if he prefers an act X or Y. Two agents try to guess what he is going to do. All of them have preferences that achieve a separation of utility from beliefs. The only thing that the two agents do not know is the beliefs, so they evaluate them. We give a definition of "guessing better" and deal with its implications. We study particular cases as subjective expected utility and Choquet expected utility.

Keywords: Separation; of; utility; and; beliefs; Non-additive; expected; utility; Choquet; expected; utility (search for similar items in EconPapers)
Date: 2009
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Handle: RePEc:eee:mateco:v:45:y:2009:i:12:p:846-853