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Incomplete Preferences Under Uncertainty: Indecisiveness in Beliefs versus Tastes

Ok, Efe A. and Ortoleva, Pietro and Riella, Gil (2012) Incomplete Preferences Under Uncertainty: Indecisiveness in Beliefs versus Tastes. Econometrica, 80 (4). pp. 1791-1808. ISSN 0012-9682. https://resolver.caltech.edu/CaltechAUTHORS:20120914-081635174

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Abstract

We investigate the classical Anscombe–Aumann model of decision-making under uncertainty without the completeness axiom. We distinguish between the dual traits of “indecisiveness in beliefs” and “indecisiveness in tastes.” The former is captured by the Knightian uncertainty model, the latter by the single-prior expected multi-utility model. We characterize axiomatically the latter model. Then we show that, under independence and continuity, these two models can be jointly characterized by means of a partial completeness property.


Item Type:Article
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http://dx.doi.org/10.3982/ECTA8040 DOIArticle
http://onlinelibrary.wiley.com/doi/10.3982/ECTA8040/abstractPublisherArticle
Additional Information:© 2012 The Econometric Society. Manuscript received July, 2008; final revision received October, 2011. Article first published online: 25 Jul. 2012. Various discussions with Ozgur Evren and Peter Wakker have contributed to this work; we gratefully acknowledge our intellectual debt to them. We also thank the co-editor and three referees for their substantial comments, expository and otherwise, concerning this paper. Finally, we acknowledge the financial support of the C. V. Starr Center for Applied Economics at New York University.
Funders:
Funding AgencyGrant Number
New York University C. V. Starr Center for Applied EconomicsUNSPECIFIED
Subject Keywords:Incomplete preferences; the Anscombe–Aumann model; Knightian uncertainty
Issue or Number:4
Record Number:CaltechAUTHORS:20120914-081635174
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20120914-081635174
Official Citation:Ok, E. A., Ortoleva, P. and Riella, G. (2012), Incomplete Preferences Under Uncertainty: Indecisiveness in Beliefs versus Tastes. Econometrica, 80: 1791–1808. doi: 10.3982/ECTA8040
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:34080
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:14 Sep 2012 17:44
Last Modified:03 Oct 2019 04:15

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