Consistent choice under uncertainty
type: Item
instance of: scholarly article
title: Consistent choice under uncertainty
zbMATH Open document ID: 0582.90004
DOI: 10.1016/0304-4068(85)90018-7
author: Stephen A. Clark
published in: Journal of Mathematical Economics
publication date: 1985-01-01T00:00:00Z
review text: 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.
Mathematics Subject Classification ID: 91B14
Mathematics Subject Classification ID: 91B08
zbMATH DE Number: 3932723
zbMATH Keywords: consistent choice of decision rules
zbMATH Keywords: revealed preferences
MaRDI profile type: Publication
full work available at URL: 0304-4068(85)90018-7
OpenAlex ID: W1997270387
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description: scientific article; zbMATH DE number 3932723