Dynamic objective and subjective rationality

José Heleno Faro and Jean-Philippe Lefort
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Jean-Philippe Lefort: LEDa - Laboratoire d'Economie de Dauphine - IRD - Institut de Recherche pour le Développement - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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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)
Date: 2019
Note: View the original document on HAL open archive server: https://hal.science/hal-04233768v1
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Citations: View citations in EconPapers (4)

Published in Theoretical Economics, 2019, 14 (1), pp.1-14

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04233768

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