Fiche du document
2020
- handle: 10670/1.o1ythd
- hal: hal-02457455
- doi: 10.1016/j.geb.2019.12.012
Ce document est lié à :
info:eu-repo/semantics/altIdentifier/doi/10.1016/j.geb.2019.12.012
info:eu-repo/semantics/OpenAccess
Mots-clés
Dynamic Consistency Value of Information Ambiguity Dynamic Choice Envisaged Contingency Decision under Uncertainty D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D81 - Criteria for Decision-Making under Risk and UncertaintySujets proches
Standard of value Technical drawing Engineering drawing Mathematical drawing Industrial drawing Plans Drafting, Mechanical Plans Mathematical drawing Plans Drawing, Architectural PlansCiter ce document
Brian Hill, « Dynamic consistency and ambiguity: A reappraisal », HAL-SHS : philosophie, ID : 10.1016/j.geb.2019.12.012
Métriques
Partage / Export
Résumé
The famous conflict between dynamic consistency and ambiguity purportedly undermines these models' normative credibility, and challenges their use in economic applications. Dynamic consistency concerns preferences over contingent plans: so what counts are the contingencies the decision maker envisages-and plans for-rather than independently fixed contingencies , as implicitly assumed in standard formalisations. An appropriate formulation of dynamic consistency resolves the aforementioned conflict, hence undermining the criticisms of ambiguity models based on it. Moreover, it provides a principled justification for the restriction to certain families of beliefs in applications of these models in dynamic choice problems. Finally, it supports a new analysis of the value of information under ambiguity, showing that decision makers may only turn down information if it has an opportunity cost, in terms of the compromising of information they had otherwise expected to receive.