Benchmarking real-valued acts

被引：11
|
作者：
Castagnoli, Erio
LiCalzi, Marco
机构：
[1] Univ Venice, Dept Appl Math, I-30123 Venice, Italy
[2] Bocconi Univ, Inst Quantitat Methods, Milan, Italy
来源：
GAMES AND ECONOMIC BEHAVIOR | 2006年 / 57卷 / 02期
关键词：
sure-thing principle; state-dependent expected utility; measure representation approach; target-based reasoning;
D O I：
10.1016/j.geb.2005.08.017
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
A benchmarking procedure ranks real-valued acts by the probability that they outperform a benchmark beta which may itself be a random variable; that is, an act f is evaluated by means of the functional V(f) = P(f >= beta). Expected utility is a special case of benchmarking procedure, where the acts and the benchmark are stochastically independent. This paper provides axiomatic characterizations of preference relations that are representable as benchmarking procedures. The key axiom is the sure-thing principle. When the state space is infinite, different continuity assumptions translate into different properties of the probability P. (c) 2005 Elsevier Inc. All rights reserved.
引用
收藏
页码：236 / 253
页数：18
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