Recursive multiple-priors
نویسندگان
چکیده
This paper axiomatizes an intertemporal version of multiple-priors utility. A central axiom is dynamic consistency, which leads to a recursive structure for utility, to ‘rectangular’ sets of priors and to prior-by-prior Bayesian updating as the updating rule for such sets of priors. It is argued that dynamic consistency is intuitive in a wide range of situations and that the model is consistent with a rich set of possibilities for dynamic behavior under ambiguity. r 2003 Elsevier Science (USA). All rights reserved. JEL classification: D81; D9
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عنوان ژورنال:
- J. Economic Theory
دوره 113 شماره
صفحات -
تاریخ انتشار 2003