Piecewise additivity for non-expected utility |
| |
Authors: | Craig S Webb |
| |
Institution: | 1.Economics, School of Social Sciences,The University of Manchester,Manchester,UK |
| |
Abstract: | A model of choice under purely subjective uncertainty, Piecewise Additive Choquet Expected utility, is introduced. PACE utility allows for optimism and pessimism simultaneously, but represents a minimal departure from expected utility. It can be seen as a continuous version of NEO-expected utility (Chateauneuf et al. in J Econ Theory 137:538–567, 2007) and, as such, is especially suited for applications with rich state spaces. The main theorem provides a preference foundation for PACE utility in the Savage framework of purely subjective uncertainty with an arbitrary outcome set. |
| |
Keywords: | |
本文献已被 SpringerLink 等数据库收录! |
|