EconPapers    
Economics at your fingertips  
 

Maxmin weighted expected utility: a simpler characterization

Joseph Halpern () and Samantha Leung ()
Additional contact information
Samantha Leung: Cornell University

Theory and Decision, 2016, vol. 80, issue 4, 581-610

Abstract: Abstract Chateauneuf and Faro (J Math Econ 45:535–558, 2009) axiomatize a weighted version of maxmin expected utility over acts with nonnegative utilities, where weights are represented by a confidence function. We argue that their representation is only one of many possible, and we axiomatize a more natural form of maxmin weighted expected utility. We also provide stronger uniqueness results.

Keywords: Maxmin expected utility; Weighted probabilities; Axiomatization; Ambiguity aversion (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://link.springer.com/10.1007/s11238-015-9516-x Abstract (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:theord:v:80:y:2016:i:4:d:10.1007_s11238-015-9516-x

Ordering information: This journal article can be ordered from
http://www.springer. ... ry/journal/11238/PS2

Access Statistics for this article

Theory and Decision is currently edited by Mohammed Abdellaoui

More articles in Theory and Decision from Springer
Series data maintained by Sonal Shukla ().

 
Page updated 2017-09-29
Handle: RePEc:kap:theord:v:80:y:2016:i:4:d:10.1007_s11238-015-9516-x