Induced Preferences, Dynamic Consistency and Dutch Books
Bibliographic Data
| ID | 9724330 |
|---|---|
| Authors | David Kelsey (0000-0002-8368-7818, University of Birmingham), Frank Milne (0000-0002-6975-4818, Queen's University) |
| Year | 1997 |
| Volume | 64 |
| Issue | 255 |
| Pages | 471-481 |
| Publication date | 1997-08-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/1468-0335.00091 |
| OpenAlex | W2092112766 |
| Language | EN |
| Citations received | 3 |
| References cited | 3 |
We assume that a decision‐maker has expected utility preferences over a large space which includes some variables not observable by the theorist. These will induce preferences over observable variables, which typically will not have the expected utility form. This paper focuses on implications for multi‐period decisions. We show that such preferences are not vulnerable to ‘Dutch books’. In particular, we consider preferences arising from non‐additive subjective probabilities and show how they can arise as induced preferences
Consistency (knowledge bases) · Decision maker · Discrete mathematics · Econometrics · Economics · Expected utility hypothesis · Management science · Mathematical economics · Microeconomics · Observable · Preference · Revealed preference · Space (punctuation) · Subjective expected utility · Computer Science · Decision-Making and Behavioral Economics · Economic and Environmental Valuation · Experimental Behavioral Economics Studies · Mathematics
| Citations per year | 0.11 |
|---|---|
| Citation span | 1998 - 2006 (9) |
| Highly cited | No |