Choquet Rationality |
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| Authors: | Paolo Ghirardato Michel Le Breton |
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| Affiliation: | aDivision of the Humanities and Social Sciences, California Institute of Technology, Pasadena, California, 91125, f1;bCORE, Université Catholique de Louvain, Voie du Roman Pays, 34, 1348, Louvain-La-Neuve, Belgium f2 |
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| Abstract: | Consider a decision problem under uncertainty for a decision maker with known (utility) payoffs over prizes. We say that an act is Choquet (Shafer, Bernoulli) rational if for some capacity (belief function, probability) over the set of states, it maximizes her “expected” utility. We show that an act may be Choquet rational without being Bernoulli rational, but it is Choquet rational if and only if it is Shafer rational. Journal of Economic Literature Classification Numbers: C72, D81. |
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