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Moral Hazard and Conditional Preferences

Jacques Dreze and Aldo Rustichini

No 1995010, CORE Discussion Papers from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: Conditional Expected Utility Theory (CEUT) provides an axiomatic foundation for a theory of decision under uncertainty which allows agents to choose which event in the state space will occur. Here we provide an alternative axiomatization of this situation. In this framework CEUT may be seen a special case of Decision Theory with Moral Hazard; at the same time it is possible to describe the conditions in which this theory is free from possible difficulties.

Date: 1995-01-01
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Journal Article: Moral hazard and conditional preferences (1999) Downloads
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