Variational bewley preferences
| dc.contributor.author | JOSÉ HELENO FARO | |
| dc.coverage.pais | Não Informado | pt_BR |
| dc.date.accessioned | 2022-08-16T22:21:59Z | |
| dc.date.available | 2022-08-16T22:21:59Z | |
| dc.date.issued | 2015 | |
| dc.description.other | This paper characterizes variational Bewley preferences over Anscombe and Aumann acts, a class of binary relations that may fail completeness or transitivity vis à vis independence. The main result gives an axiomatization of preference relations ≿ represented as follows:f≿g⇔∫u(f)dp+η(p)≥∫u(g)dpfor allp∈Δ,where u is an affine utility index over a convex set X of consequences, η:Δ→[0,∞] is an ambiguity index, and Δ is the set of priors over the state space S. This representation has a natural interpretation as a weighted unanimity rule, with the function η reflecting the weight given to a prior and higher values of η corresponding to priors given less weight. Bewley's incomplete preferences can be identified precisely with the addition of transitivity or independence, and a prior receives weight either 0 if plausible or ∞ when discarded. Also, by adding only completeness, we recover subjective expected utility, i.e., the lack of transitivity implies incompleteness. Finally, we find a strong connection of our model with the class of variational preferences. | pt_BR |
| dc.format.extent | p. 699-729 | pt_BR |
| dc.format.medium | Digital | pt_BR |
| dc.identifier.doi | https://doi.org/10.1016/j.jet.2015.02.002 | pt_BR |
| dc.identifier.issn | 220531 | pt_BR |
| dc.identifier.uri | https://repositorio.insper.edu.br/handle/11224/4017 | |
| dc.identifier.volume | 157 | pt_BR |
| dc.language.iso | Inglês | pt_BR |
| dc.publisher | Elsevier | pt_BR |
| dc.relation.isbound | Produção vinculada ao Núcleo de Ciências de Dados e Decisão | |
| dc.relation.ispartof | Journal of Economic Theory | pt_BR |
| dc.rights.license | O INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR | pt_BR |
| dc.subject.keywords | Ambiguity | pt_BR |
| dc.subject.keywords | Knightian uncertainty | pt_BR |
| dc.subject.keywords | Incomplete preferences | pt_BR |
| dc.subject.keywords | Intransitivity | pt_BR |
| dc.subject.keywords | Variational preferences | pt_BR |
| dc.title | Variational bewley preferences | pt_BR |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| local.identifier.sourceUri | https://www.sciencedirect.com/science/article/pii/S0022053115000356 | |
| local.subject.cnpq | Ciências Sociais Aplicadas | pt_BR |
| local.type | Artigo Científico | pt_BR |
| relation.isAuthorOfPublication | 6f68f2a4-9e10-4c94-a5e8-62ba771c81d7 | |
| relation.isAuthorOfPublication.latestForDiscovery | 6f68f2a4-9e10-4c94-a5e8-62ba771c81d7 |
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