Bayes Consistent Plans

Edward Green and In-Uck Park

Game Theory and Information from University Library of Munich, Germany

Abstract: An intuitively natural consistency condition for contingent plans is necessary and sufficient for a contingent plan to be rationalized by maximization of conditional expected utility. One alternative theory of choice under uncertainty, the weighted-utility theory developed by Chew Soo Hong (1983) does not entail that contingent plans will generally satisfy this condition. Another alternative theory, the minimax theory as formulated by Savage (1972), does entail the consistency condition (at least for singleton-valued plans).

JEL-codes: C7 D8 (search for similar items in EconPapers)
Pages: 16 pages
Date: 1993-07-27, Revised 1994-06-26
Note: 16 pages, plain TeX.
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