Probabilistic Sophistication and Variational Preferences

Tomasz Strzalecki

Scholarly Articles from Harvard University Department of Economics

Abstract: This paper shows that in the class of variational preferences the notion of probabilistic sophistication is equivalent to expected utility as long as there exists at least one event such that the independence axiom holds for bets on that event. This extends the result of Marinacci (2002) and provides a novel interpretation of his result.

Date: 2011
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Citations: View citations in EconPapers (8)

Published in Journal of Economic Theory

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Journal Article: Probabilistic sophistication and variational preferences (2011)
Working Paper: Probabilistic Sophistication and Variational Preferences
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Persistent link: https://EconPapers.repec.org/RePEc:hrv:faseco:11352635

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