A note on consequentialism in a dynamic Savage framework: a comment on Ghirardato (2002)

Joachim Hubmer () and Franz Ostrizek

Economic Theory Bulletin, 2015, vol. 3, issue 2, No 12, 265-269

Abstract: Abstract The relationship between subjective expected utility with Bayesian updating and dynamic properties of choice has been formalized in Ghirardato (Econ Theory 83–92, 2002). In such a setup, with preferences defined over functions from states to consequences as in Savage (The foundation of statistics, 1954), strong dynamic consistency implies consequentialism. More precisely, we show that Axiom 7 in Ghirardato (Econ Theory 83–92, 2002). is redundant or alternatively dynamic consistency can be weakened while retaining the results.

Keywords: Dynamic consistency; Consequentialism; Subjective expected utility (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s40505-014-0057-1

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