Range convexity and ambiguity averse preferences

被引：0
|
作者：
Paolo Ghirardato
Massimo Marinacci
机构：
[1] Division of the Humanities and Social Sciences,
[2] California Institute of Technology,undefined
[3] Pasadena,undefined
[4] CA 91125,undefined
[5] USA (e-mail paolo@hss.caltech.edu) ,undefined
[6] Dipartimento di Statistica e Matematica Applicata,undefined
[7] Università di Torino,undefined
[8] Piazza Arbarello 8,undefined
[9] 10122 Torino,undefined
[10] ITALY (e-mail massimo@econ.unito.it) ,undefined
来源：
Economic Theory | 2001年 / 17卷
关键词：
Keywords and Phrases: Ambiguity aversion, Biseparable preferences, Choquet expected Utility, Maxmin expected utility, Range convexity.; JEL Classification Number: D81.;
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学科分类号：
摘要：
We show that range convexity of beliefs, a `technical' condition that appears naturally in axiomatizations of preferences in a Savage-like framework, imposes some unexpected restrictions when modelling ambiguity averse preferences. That is, when it is added to a mild condition, range convexity makes the preferences collapse to subjective expected utility as soon as they satisfy structural conditions that are typically used to characterize ambiguity aversion.
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页码：599 / 617
页数：18
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