On the Observability of Plans in Dynamic Choice Problems Involving Risk: Comment about J. Hey
Marc Willinger ()
The Geneva Risk and Insurance Review, 2002, vol. 27, issue 1, 23-30
We show that in dynamic choice problems, the observability of a decision maker's first move does reveal his plan for the dynamic choice problem, only under strong restrictions about the structure of his preferences. These restrictions imply consequentialism which in turn implies dynamic consistency, a condition which is not necessarily satisfied by experimental subjects. The Geneva Papers on Risk and Insurance Theory (2002) 27, 23–30. doi:10.1023/A:1020677307399
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