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Eliciting the core of a supermodular capacity |
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| Authors: | Robert G Chambers Tigran A Melkonyan |
| Institution: | (1) Department of Agricultural and Resource Economics, University of Maryland, 3212 Symons Hall, MD 20742 College Park, USA;(2) School of Agricultural and Resource Economics, University of Western Australia, 35 Stirling Highway, WA 6907 Crawley, Australia;(3) Department of Agricultural and Resource Economics, University of Maryland, 2106 Symons Hall, MD 20742 College Park, USA |
| Abstract: | Summary. The paper utilizes duality theory to derive an exact representation of the core of a supermodular capacity for finite-state-space Choquet expected utility preferences. Using the dual representation we develop an algorithm that uses information on willingness to pay and willingness to sell to elicit a supermodular capacity in a finite number of iterations.Received: 21 February 2003, Revised: 26 May 2004, JEL Classification Numbers: D81. Correspondence to: Robert G. ChambersThe authors thank J. Quiggin and an anonymous referee for comments that improved the paper. |
| Keywords: | Choquet expected utility Maxmin expected utility Supermodular capacity Willingness to pay |
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