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Dynamic objective and subjective rationality

José Faro () and Jean-Philippe Lefort ()
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Jean-Philippe Lefort: Laboratoire d’Economie de Dauphine, Université Paris-Dauphine

Theoretical Economics, 2019, vol. 14, issue 1

Abstract: We characterize prior-by-prior Bayesian updating using a model proposed by Gilboa, Maccheroni, Marinacci and Schmeidler (2010) that jointly considers objective and subjective rationality. These rationality concepts are subject to the Bewley unanimity rule and maxmin expected utility, respectively, with a common set of priors and the same utility over consequences. We use this setup with two preference relations to develop a novel rationale for full Bayesian updating of maxmin expected utility preferences

Keywords: Dynamic consistency; full Bayesian updating; incomplete preferences; objective rationality; subjective rationality; maxmin expected utility; multiple priors (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Date: 2019-01-30
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Working Paper: Dynamic Objective and Subjective Rationality (2013) Downloads
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