Consistent choice under uncertainty (Q1068672)
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scientific article; zbMATH DE number 3932723
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Consistent choice under uncertainty |
scientific article; zbMATH DE number 3932723 |
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Consistent choice under uncertainty (English)
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1985
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Suppose ex post preferences are defined upon prices and ex ante preferences are defined upon lotteries. Then the consistent choice of decision rules reigns whenever ex post optimality is equivalent to ex ante optimality. This essay provides a necessary and sufficient condition for consistent choice in terms of revealed preferences. Indeed, ex ante revealed preferences must be induced from ex post revealed preferences in a manner which requires them to satisfy the independence axiom from expected utility theory.
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consistent choice of decision rules
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revealed preferences
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