When an Event Makes a Difference

Theory and Decision, 2006, vol. 60, issue 2, 119-126

Abstract: For (S, Î£) a measurable space, let $${\cal C}_1$$ and $${\cal C}_2$$ be convex, weak * closed sets of probability measures on Î£. We show that if $${\cal C}_1$$ âˆª $${\cal C}_2$$ satisfies the Lyapunov property , then there exists a set A âˆˆ Î£ such that min Î¼1 âˆˆ $${\cal C}_1$$ Î¼ 1 (A) > max Î¼2 âˆˆ $${\cal C}_2$$ (A). We give applications to Maxmin Expected Utility (MEU) and to the core of a lower probability. Copyright Springer 2006

Keywords: Lyapunov theorem; Maximin expected utility; lower probability (search for similar items in EconPapers)
Date: 2006
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