Objective rationality and recursive multiple priors - HAL-SHS - Sciences de l'Homme et de la Société
Article Dans Une Revue Journal of Mathematical Economics Année : 2022

Objective rationality and recursive multiple priors

Vassili Vergopoulos

Résumé

We provide an axiomatic characterization of recursive MaxMin preferences that stem from a (possibly) incomplete relation representing preference judgements that are justified by objective probabilistic information. To ensure that her choice behavior be informed by objective information, dynamically consistent, and ambiguity averse, the decision-maker evaluates alternatives by their minimal expected value over the rectangular hull of the objective information set. The characterization builds upon two axioms that naturally combine the three requirements in a behavioral way. Our main result suggests a principled justification for the use of recursive MaxMin preferences in applications to dynamic choice problems.

Dates et versions

halshs-04072482 , version 1 (28-10-2024)

Identifiants

Citer

Federica Ceron, Vassili Vergopoulos. Objective rationality and recursive multiple priors. Journal of Mathematical Economics, 2022, 102, ⟨10.1016/j.jmateco.2022.102761⟩. ⟨halshs-04072482⟩
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