Atemporal non-expected utility preferences, dynamic consistency and consequentialism

André Lapied and Pascal Toquebeuf ()
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André Lapied: GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique
Pascal Toquebeuf: GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique

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Abstract: This note studies conditions which allow to maintain a non-expected utility representation (Max-min expected utility and Choquet expected utility), dynamic consistency and consequentialism in an atemporal and purely subjective framework. By contrast with a dynamic set-up, where consistency can be reached with non-expected utility models, we show that both Maxmin expected utility and Choquet expected utility degenerate into an expected utility representation.

Keywords: Non-expected utility; Choquet expected utility; Max-min expected utility; Dynamic consistency; Consequentialism (search for similar items in EconPapers)
Date: 2010-06-01
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Citations: View citations in EconPapers (6)

Published in Economics Bulletin, 2010, 30 (2), pp.1661-1669

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03217049

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