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Twofold Conservatism in Choice under Uncertainty

Echenique, Federico and Pomatto, Luciano and Vinson, Jamie (2020) Twofold Conservatism in Choice under Uncertainty. . (Unpublished)

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Conservatism in choice under uncertainty means that a status-quo is abandoned in favor of some alternative only if it is dominated. The standard model of conservative choice introduced by Bewley (2002) introduces multiple decision criteria, and calls the status quo dominated when all criteria agree that the alternative is better than the status quo. We consider the case when multiple criteria are used to evaluate the status quo and the alternative, but cannot be used to rank them. The alternative is chosen only if it is preferable to the status quo even when the first is evaluated according to the worst-case scenario, and the second according to the best-case scenario. The resulting model is one of obvious dominance, or twofold conservatism.

Item Type:Report or Paper (Discussion Paper)
Related URLs:
URLURL TypeDescription Paper
Echenique, Federico0000-0002-1567-6770
Pomatto, Luciano0000-0002-4331-8436
Vinson, Jamie0000-0002-0267-0396
Additional Information:Echenique thanks the NSF for support via the grants SES-1558757 and CNS-1518941.
Funding AgencyGrant Number
Record Number:CaltechAUTHORS:20210303-133740093
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:108293
Deposited By: Tony Diaz
Deposited On:03 Mar 2021 21:45
Last Modified:03 May 2022 22:23

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