Variational bewley preferences

dc.contributor.authorJOSÉ HELENO FARO
dc.coverage.paisNão Informadopt_BR
dc.date.accessioned2022-08-16T22:21:59Z
dc.date.available2022-08-16T22:21:59Z
dc.date.issued2015
dc.description.otherThis 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.extentp. 699-729pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doihttps://doi.org/10.1016/j.jet.2015.02.002pt_BR
dc.identifier.issn220531pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4017
dc.identifier.volume157pt_BR
dc.language.isoInglêspt_BR
dc.publisherElsevierpt_BR
dc.relation.ispartofJournal of Economic Theorypt_BR
dc.relation.urihttps://www.sciencedirect.com/science/article/pii/S0022053115000356pt_BR
dc.rights.licenseO 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 EDITORpt_BR
dc.subject.keywordsAmbiguitypt_BR
dc.subject.keywordsKnightian uncertaintypt_BR
dc.subject.keywordsIncomplete preferencespt_BR
dc.subject.keywordsIntransitivitypt_BR
dc.subject.keywordsVariational preferencespt_BR
dc.titleVariational bewley preferencespt_BR
dc.typejournal article
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublication6f68f2a4-9e10-4c94-a5e8-62ba771c81d7
relation.isAuthorOfPublication.latestForDiscovery6f68f2a4-9e10-4c94-a5e8-62ba771c81d7
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