Probabilistic sophistication and variational preferences |
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Authors: | Tomasz Strzalecki |
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Institution: | Dept. of Economics, Harvard University, Littauer Center, 1805 Cambridge Street, Cambridge, MA 02138, USA |
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Abstract: | This paper shows that in the class of variational preferences the notion of probabilistic sophistication is equivalent to expected utility as long as there exists at least one event such that the independence axiom holds for bets on that event. This extends the result of Marinacci (2002) 13] and provides a novel interpretation of his result. |
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Keywords: | JEL classification: D0 D8 |
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