Monotone continuous multiple priors |
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Authors: | Alain Chateauneuf Fabio Maccheroni Massimo Marinacci Jean-Marc Tallon |
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Institution: | (1) CERMSEM, Université de Paris I, 106-112 Bld de lHôpital, 75647 Paris, France;(2) Istituto di Metodi Quantitativi and IGIER, niversitá Bocconi, Viale Isonzo 25, 20135 Milano, Italy;(3) Dipartimento di Statistica e Matematica Applicata and ICER, Universitá di Torino, Piazza Arbarello 8, 10122 Torino, Italy;(4) CNRS-EUREQua, Université de Paris I, 106-112 Bld de lHôpital, 75647 Paris, France |
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Abstract: | Summary. In a multiple priors model á la Gilboa and Schmeidler (1989), we provide necessary and sufficient behavioral conditions ensuring the countable additivity and non-atomicity of all priors.Received: 25 November 2002, Revised: 24 June 2004, JEL Classification Numbers:
D81.We thank Roko Aliprantis, Maristella Botticini, Erio Castagnoli, Larry Epstein, Paolo Ghirardato, Itzhak Gilboa, Luigi Montrucchio, David Schmeidler, Marciano Siniscalchi, an Associate Editor, and an anonymous referee for helpful discussions. Fabio Maccheroni and Massimo Marinacci gratefully acknowledge the financial support of MIUR and NOMOS Sistema (Milano). |
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Keywords: | Multiple priors Countable additivity Non-atomicity |
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