Eichberger, Jürgen ; Grant, Simon ; Lefort, Jean-Philippe
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Abstract
This paper shows that, for CEU preferences, the axioms consquentialism, state independence and conditional certainty equivalent consistency under updating characterise a family of capacities, called Genralised Neo-Additive Capacities (GNAC). This family contains as special cases among others neo-additive capacities as introduced by Chateauneuf, Eichberger, and Grant(2007), Hurwicz capacities, and ε-contaminations. Moreover, we will show that the convex version of a GNAC is the only capacity for which the core of the Full-Bayesian Updates of a capacity, introduced by Jaffray (1992), equals the set of Bayesian updates of the probability distributions in the core of the original capacity.
| Dokumententyp: | Arbeitspapier |
|---|---|
| Erstellungsdatum: | 04 Nov. 2009 16:42 |
| Erscheinungsjahr: | 2009 |
| Institute/Einrichtungen: | Fakultät für Wirtschafts- und Sozialwissenschaften > Alfred-Weber Institut |
| DDC-Sachgruppe: | 330 Wirtschaft |
| Freie Schlagwörter: | Ambiguity , Updating , Choquet Expected Utility , neo-additive capacities , Conditional Certainty Equivalent Consistency |
| Schriftenreihe: | Discussion Paper Series / University of Heidelberg, Department of Economics |
