Consistent choice under uncertainty

DOI10.1016/0304-4068(85)90018-7MaRDI QIDQ1068672zbMATH OpenOpenAlexFDO

Authors Stephen A. Clark

Publication date 1985

Published in Journal of Mathematical Economics (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/0304-4068(85)90018-7

zbMATH Keywords

consistent choice of decision rulesrevealed preferences

Mathematics Subject Classification ID

Individual preferences (91B08) Social choice (91B14)

Review text

Suppose ex post preferences are defined upon prices and ex ante preferences are defined upon lotteries. Then the consistent choice of decision rules reigns whenever ex post optimality is equivalent to ex ante optimality. This essay provides a necessary and sufficient condition for consistent choice in terms of revealed preferences. Indeed, ex ante revealed preferences must be induced from ex post revealed preferences in a manner which requires them to satisfy the independence axiom from expected utility theory.

Recommendations

• Revealed preference theory on the choice of lotteries
• Dynamic choice under ambiguity
• The subjective expected utility hypothesis and revealed preference
• On a statistical approach to choice under uncertainty
• A Revealed Preference Theory for Expected Utility

Cites work

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Cited in

(14)

• Absolute and relative time-consistent revealed preferences
• The representative agent model of probabilistic social choice
• Revealed preference theory on the choice of lotteries
• Dynamically consistent choice and the revelation of Strotz-Pollak equilibrium
• Consistent firm choice and the theory of supply
• On the consistency and the decisiveness of the double-minded decision-maker
• Revealed preference and linear utility
• Characterizing cautious choice
• scientific article; zbMATH DE number 3860819 (Why is no real title available?)
• scientific article; zbMATH DE number 764463 (Why is no real title available?)
• Internal Consistency of Choice
• Contraction consistent stochastic choice correspondence
• Information evaluation under nonadditive expected utility
• Sequentially consistent rules of choice under complete uncertainty

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