Dynamic Objective and Subjective Rationality

dc.contributor.authorJOSÉ HELENO FARO
dc.contributor.authorLefortz, Jean Philippe
dc.coverage.cidadeSão Paulopt_BR
dc.coverage.paisBrasilpt_BR
dc.creatorLefortz, Jean Philippe
dc.date.accessioned2023-07-25T16:31:08Z
dc.date.available2023-07-25T16:31:08Z
dc.date.issued2013
dc.description.notesVersão atualizada apresentada em evento https://repositorio.insper.edu.br/handle/11224/4013pt_BR
dc.description.otherThe objective and subjective rationality model characterizes decision makers (DMs) by two preference relations over uncertainty acts and provides a dual perspective of rationality. The Örst preference reáects choices that are rational in an objective sense and the second ones express choices labeled subjective rational. While an objective ranking means that the DM can convince others that she is right in making them, in a subjective choice the DM cannot be convinced that she is wrong in making them. Objective and subjective preferences are represented, respectively, by a Bewleyís unanimity rule and a maxmin expected utility, both representations holding the same set of multiple priors. We propose and axiomatize a dynamic Bayesian model for the objective and subjective rationality theory. The static model speciÖes some set of prior probabilities, which should be then updated in the light of new and relevant information. We provide two new axioms on the interplay of unconditional objective relations and conditional subjective preferences. Such axioms ensure that a conditional subjective relation is also a maxmin expected utility preference and the corresponding set of priors is derived from the full Bayesian updating, i.e., it is generated by the prior-by-prior updating of all unconditional probabilities. Our main result thus provides a novel foundation for sequential consistent maxmin preferences as well as for the full Bayesian updating. Finally, we study the dynamics of objective preferences and its relations with our main result.pt_BR
dc.format.extent19 p.pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issueWPE 312/2013
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/5951
dc.language.isoInglêspt_BR
dc.publisherInsperpt_BR
dc.relation.ispartofseriesInsper Working Paperpt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsObjective rationalitypt_BR
dc.subject.keywordssubjective rationalitypt_BR
dc.subject.keywordsmultiple priorspt_BR
dc.subject.keywordssequential consistencypt_BR
dc.subject.keywordsfull Bayesian updating.pt_BR
dc.titleDynamic Objective and Subjective Rationalitypt_BR
dc.typeworking paper
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeWorking Paperpt_BR
relation.isAuthorOfPublication6f68f2a4-9e10-4c94-a5e8-62ba771c81d7
relation.isAuthorOfPublication.latestForDiscovery6f68f2a4-9e10-4c94-a5e8-62ba771c81d7
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