Maxmin expected utility through statewise combinations

Ramon Casadesus-Masanell, Peter Klibanoff, Emre Ozdenoren

Research output: Contribution to journalArticlepeer-review

12 Scopus citations


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 languageEnglish (US)
Pages (from-to)49-54
Number of pages6
JournalEconomics Letters
Issue number1
StatePublished - Jan 2000


  • Ambiguity
  • D81
  • Ellsberg paradox
  • Multiple priors
  • Uncertainty
  • Utility

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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