Dynamic objective and subjective rationality

被引:9
作者
Faro, Jose Heleno [1 ]
Lefort, Jean-Philippe [2 ]
机构
[1] Insper, Sao Paulo, SP, Brazil
[2] Univ Paris 09, Lab Econ, Paris, France
关键词
Dynamic consistency; full Bayesian updating; incomplete preferences; objective rationality; subjective rationality; maxmin expected utility; multiple priors; D81; EXPECTED UTILITY; AMBIGUITY; CHOICE; RISK; PREFERENCES; AVERSION; SAVAGE;
D O I
10.3982/TE2122
中图分类号
F [经济];
学科分类号
02 ;
摘要
We characterize prior-by-prior Bayesian updating using a model proposed by Gilboa, Maccheroni, Marinacci, and Schmeidler (2010) that jointly considers objective and subjective rationality. These rationality concepts are subject to the Bewley unanimity rule and maxmin expected utility, respectively, with a common set of priors and the same utility over consequences. We use this setup with two preference relations to develop a novel rationale for full Bayesian updating of maxmin expected utility preferences.
引用
收藏
页码:1 / 14
页数:14
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