CONSISTENT DYNAMICE CHOICE AND NON-EXPECTED UTILITY PREFERENCES

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October 1, 2007

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info:eu-repo/semantics/OpenAccess


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Reduction of Compound Acts Choquet Expected Utility Multiple Priors Sequential Choice Dynamic Consistency Consequentialism Reduction of Compound Acts.


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André Lapied et al., « CONSISTENT DYNAMICE CHOICE AND NON-EXPECTED UTILITY PREFERENCES », Hyper Article en Ligne - Sciences de l'Homme et de la Société, ID : 10670/1.dlarsa


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Abstract 0

Pursuing works from Sarin and Wakker (1998), we study how NonExpected Utility models could be consistently applied to multi-stage decision problems. Concerning multiple priors model, we remove the argument that dynamic consistency, consequentialism and model consistency (sequential consistency in Sarin and Wakker (1998)) can all be preserved. Like Choquet expected utility, deviation of expected utility is only allowed over the final stage. Moreover, it's proved for the two models that if we also assume reduction of compound acts, then an expected utility representation exists in all stages.

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