Border, Kim C. and Segal, Uzi (1992) Dynamic Consistency Implies Approximately Expected Utility Preferences. Social Science Working Paper, 821. California Institute of Technology , Pasadena, CA. (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20170828-143106635
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Abstract
Machina has proposed a definition of dynamic consistency which admits non-expected utility functionals. We show that even under this new definition, a dynamically consistent preference relation that is differentiable becomes arbitrarily close to an expected utility preference after the realization of a low probability event.
| Item Type: | Report or Paper (Working Paper) | ||||||
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| Additional Information: | Published as Border, Kim C., and Uzi Segal. "Dynamic consistency implies approximately expected utility preferences." Journal of Economic Theory 63, no. 2 (1994): 170-188. | ||||||
| Group: | Social Science Working Papers | ||||||
| Subject Keywords: | nonexpected utility; dynamic consistency; decision theory; expected utility | ||||||
| Series Name: | Social Science Working Paper | ||||||
| Issue or Number: | 821 | ||||||
| Classification Code: | JEL: 026 | ||||||
| Record Number: | CaltechAUTHORS:20170828-143106635 | ||||||
| Persistent URL: | https://resolver.caltech.edu/CaltechAUTHORS:20170828-143106635 | ||||||
| Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. | ||||||
| ID Code: | 80862 | ||||||
| Collection: | CaltechAUTHORS | ||||||
| Deposited By: | Jacquelyn Bussone | ||||||
| Deposited On: | 28 Aug 2017 21:40 | ||||||
| Last Modified: | 03 Oct 2019 18:35 |
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