CONSISTENT DYNAMICE CHOICE AND NON-EXPECTED UTILITY PREFERENCES

André Lapied () and Pascal Tocquebeuf ()
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Pascal Tocquebeuf: 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: Pursuing works from Sarin and Wakker (1998), we study how NonExpected Utility models could be consistently applied to multi-stage decision problems. Concerning multiple priors model, we remove the argument that dynamic consistency, consequentialism and model consistency (sequential consistency in Sarin and Wakker (1998)) can all be preserved. Like Choquet expected utility, deviation of expected utility is only allowed over the final stage. Moreover, it's proved for the two models that if we also assume reduction of compound acts, then an expected utility representation exists in all stages.

Keywords: Reduction of Compound Acts; Choquet Expected Utility; Multiple Priors; Sequential Choice; Dynamic Consistency; Consequentialism; Reduction of Compound Acts. (search for similar items in EconPapers)
Date: 2007-10-01
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00353880
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Citations: View citations in EconPapers (2)

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Related works:
Working Paper: Consistent dynamic choice and non-expected utility preferences (2009)
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