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Monotone Continuous Multiple Priors

Massimo Marinacci, Fabio Maccheroni, Alain Chateauneuf () and Jean-Marc Tallon ()

ICER Working Papers - Applied Mathematics Series from ICER - International Centre for Economic Research

Abstract: We show that the monotone continuity condition introduced by Villegas (1964) and Arrow (1970) is the behavioral counterpart of countable additivity (and relative weak compactness) in a multiple priors model. This generalizes their original result, in which the special case of a singleton set of priors is considered. Further extending their results, we provide a behavioral counterpart for the convex rangedness of the priors (both considered singularly and as a vector measure).

Pages: 24 pages
Date: 2003-06
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Related works:
Journal Article: Monotone continuous multiple priors (2005) Downloads
Working Paper: Monotone continuous multiple priors (2005) Downloads
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