Atemporal dynamic consistency and expected utility theory

DOI10.1016/0022-0531(91)90130-VzbMath0738.90001OpenAlexW1986852968MaRDI QIDQ1176685

David Schmeidler, Edi Karni

Publication date: 25 June 1992

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/0022-0531(91)90130-v

zbMATH Keywords

independence axiomdynamic consistencycompound lotteries

Mathematics Subject Classification ID

Decision theory (91B06) Utility theory (91B16) Individual preferences (91B08)

Related Items (12)

Unbounded behaviorally consistent stopping rules ⋮ Dynamic consistency, consequentialism and reduction of compound lotteries ⋮ Dynamic consistency in incomplete information games under ambiguity ⋮ Conditional non-expected utility preferences induced by mixture of lotteries: a note on the normative invalidity of expected utility theory ⋮ Hybrid decision model and the ranking of experiments ⋮ A dynamic Ellsberg urn experiment ⋮ Fundamental Principles of Modeling in Macroeconomics ⋮ Sequential decision making without independence: a new conceptual approach ⋮ Many good choice axioms: When can many-good lotteries be treated as money lotteries? ⋮ Dynamic decision making: what do people do? ⋮ Valuing future cash flows with non separable discount factors and non additive subjective measures: conditional Choquet capacities on time and on uncertainty ⋮ Recursive smooth ambiguity preferences

Cites Work

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• Ascending bid auctions with behaviorally consistent bidders
• Consequentialist foundations for expected utility
• Two-Stage Lotteries without the Reduction Axiom
• Dynamic Consistency, Revelations in Auctions and the Structure of Preferences

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