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Conditional Expected Utility

Massimiliano Amarante

Cahiers de recherche from Centre interuniversitaire de recherche en économie quantitative, CIREQ

Abstract: Let E be a class of event. Conditionally Expected Utility decision makers are decision makers whose conditional preferences %E, E 2 E, satisfy the axioms of Subjective Expected Utility theory (SEU). We extend the notion of unconditional preference that is conditionally EU to unconditional preferences that are not necessarily SEU. We give a representation theorem for a class of such preferences, and show that they are Invariant Bi-separable in the sense of Ghirardato et al.[7]. Then, we consider the special case where the unconditional preference is itself SEU, and compare our results with those of Fishburn [6].

Pages: 22 pages
Date: 2013
New Economics Papers: this item is included in nep-dcm, nep-gth, nep-mic and nep-upt
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Persistent link: https://EconPapers.repec.org/RePEc:mtl:montec:02-2013

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