Probabilistic sophistication without completeness

DOI10.1016/J.JMATECO.2020.04.002MaRDI QIDQ776961zbMATH OpenOpenAlexFDO

Authors Edi Karni

Publication date 13 July 2020

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

Full work available at URL https://doi.org/10.1016/j.jmateco.2020.04.002

zbMATH Keywords

ambiguous beliefsambiguous tastesincomplete preferencesmulti-prior multi-utility representationprobabilistic sophistication

Mathematics Subject Classification ID

Decision theory (91B06)

Review text

The paper deals with an axiomatics for probabilistic choice behavior under the condition of incomplete preference relation and representations of ambiguous beliefs and tastes. The author considers a finite set \(S\) of states, set \(X\) of outcomes, set of simple probability distributions on \(X\) denoted \(\Delta X\) and set \(H\), which is the set of mappings defined on \(S\) to \(\Delta X\). Eight axioms are formulated using this framework. Using the axioms, the author proves several theorems, in which conditions for the existence of representations of incomplete preference relations as well as ambiguous beliefs and tastes are formulated. Relations to weak preferences and their representations and a topological approach are briefly discussed.

Recommendations

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Cites work

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Cited in

(11)

• Dominance and admissibility without priors
• Analysis of choice expectations in incomplete scenarios. (With commentaries)
• Familiarity breeds completeness
• Unbounded probabilistic sophistication
• Incomplete preferences under uncertainty: indecisiveness in beliefs versus tastes
• Subjective states without the completeness axiom
• Logics in Artificial Intelligence
• Irresolute choice behavior
• Exactly what happens after the Anscombe-Aumann race?
• Bayesian beliefs with stochastic monotonicity: an extension of Machina and Schmeidler
• The shape of incomplete preferences

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