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Monotone continuous multiple priors

Alain Chateauneuf (), Fabio Macheronni, Massimo Marinacci and Jean-Marc Tallon ()
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Fabio Macheronni: Department of economics - Università Commerciale L. Bocconi

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Abstract: 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)
Date: 2005
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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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DOI: 10.1007/s00199-004-0540-2

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