Monotone continuous multiple priors
Alain Chateauneuf (),
Massimo Marinacci and
Jean-Marc Tallon ()
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Fabio Macheronni: Department of economics - Università Commerciale L. Bocconi
Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL
We show that the monotone continuity condition introduced by Arrow (1970) is the behavioral counterpart of countable additivity and weak compactness of the set of priors in a maxmin expected utility model. This generalizes Arrow's original result, who considered the special case of a singleton set of priors. Several other convenient technical properties of the set of priors, like non-atomicity, are studied and their behavioral counterparts are provided.
Keywords: multiple prior; continuity (search for similar items in EconPapers)
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Published in Economic Theory, Springer Verlag, 2005, 26 (4), pp.973-982. ⟨10.1007/s00199-004-0540-2⟩
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Journal Article: Monotone continuous multiple priors (2005)
Working Paper: Monotone Continuous Multiple Priors (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00177057
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