Border, Kim C. and Segal, Uzi (1994) Dynamic Consistency Implies Approximately Expected Utility Preferences. Journal of Economic Theory, 63 (2). pp. 170-188. ISSN 0022-0531. https://resolver.caltech.edu/CaltechAUTHORS:20170829-155548155
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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.
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Additional Information: | © 1994 Academic Press. Received May 17, 1992; Revised May 20, 1993. We thank Eddie Dekel, Larry Epstein, Mark Machina, and Joe Ostroy for fruitful and stimulating discussions. We also thank an associate editor and a referee for valuable comments. | ||||||||||||
Issue or Number: | 2 | ||||||||||||
Classification Code: | JEL: D81 | ||||||||||||
Record Number: | CaltechAUTHORS:20170829-155548155 | ||||||||||||
Persistent URL: | https://resolver.caltech.edu/CaltechAUTHORS:20170829-155548155 | ||||||||||||
Official Citation: | Kim C. Border, Uzi Segal, Dynamic Consistency Implies Approximately Expected Utility Preferences, Journal of Economic Theory, Volume 63, Issue 2, August 1994, Pages 170-188, ISSN 0022-0531, https://doi.org/10.1006/jeth.1994.1038. (http://www.sciencedirect.com/science/article/pii/S0022053184710386) | ||||||||||||
Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. | ||||||||||||
ID Code: | 80934 | ||||||||||||
Collection: | CaltechAUTHORS | ||||||||||||
Deposited By: | Tony Diaz | ||||||||||||
Deposited On: | 30 Aug 2017 17:06 | ||||||||||||
Last Modified: | 03 Oct 2019 18:36 |
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