Abstract
Preferences over acts have an α-Maxmin Expected Utility (α-MEU) representation if they can be represented by an α-mix between the worst and the best expected utility over a set or priors. The case α=1 is characterized in Gilboa and Schmeidler (1989). Inspired by their representation result, two novel types of axioms are introduced: α-Monotonicity and α-Uncertainty Attitude. Replacing the axioms Monotonicity and Uncertainty Aversion in Gilboa and Schmeidler (1989) by these axioms provides a characterization of α-MEU preferences for α not 1/2.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
