Maxmin expected utility through statewise combinations

Ramon Casadesus-Masanell; Peter Klibanoff; Emre Ozdenoren

doi:10.1016/S0165-1765(99)00190-1

Maxmin expected utility through statewise combinations

Ramon Casadesus-Masanell, Peter Klibanoff, Emre Ozdenoren

Managerial Economics, Decision Sciences and Operations

Research output: Contribution to journal › Article › peer-review

12 Scopus citations

Abstract

We provide an axiomatic foundation for a maxmin expected utility over a set of priors (MMEU) decision rule in an environment where the elements of choice are Savage acts. The key axioms are stated using statewise combinations as in Gul [Gul, F., 1992. Savage's theorem with a finite number of states. Journal of Economic Theory 57, 99-100].

Original language	English (US)
Pages (from-to)	49-54
Number of pages	6
Journal	Economics Letters
Volume	66
Issue number	1
DOIs	https://doi.org/10.1016/S0165-1765(99)00190-1
State	Published - Jan 2000

Keywords

Ambiguity
D81
Ellsberg paradox
Multiple priors
Uncertainty
Utility

ASJC Scopus subject areas

Finance
Economics and Econometrics

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KW - Ellsberg paradox

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KW - Uncertainty

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