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Consequentialism and dynamic consistency in updating ambiguous beliefs

Economic theory, 2019-07, Vol.68 (1), p.223-250 [Peer Reviewed Journal]

Springer-Verlag GmbH, part of Springer Nature 2019 ;Springer-Verlag GmbH Germany, part of Springer Nature 2018 ;COPYRIGHT 2019 Springer ;Economic Theory is a copyright of Springer, (2018). All Rights Reserved. ;ISSN: 0938-2259 ;EISSN: 1432-0479 ;DOI: 10.1007/s00199-018-1121-0

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  • Title:
    Consequentialism and dynamic consistency in updating ambiguous beliefs
  • Author: Asano, Takao ; Kojima, Hiroyuki
  • Subjects: Ambiguity ; Consequentialism ; Economic Theory/Quantitative Economics/Mathematical Methods ; Economics ; Economics and Finance ; Expected utility ; Game Theory ; Microeconomics ; Public Finance ; Research Article ; Social and Behav. Sciences ; Updating
  • Is Part Of: Economic theory, 2019-07, Vol.68 (1), p.223-250
  • Description: By proposing the notions of upper-constrained dynamic consistency and lower-constrained dynamic consistency that are weaker axioms than dynamic consistency, this paper axiomatizes the Dempster-Shafer updating rule and naive Bayes' updating rule within the framework of Choquet expected utility. Based on the notion of conditional comonotonicity, this paper also provides an axiomatization of consequentialism under Choquet expected utility. Furthermore, based on the idea of the mean-preserving rule, this paper provides a unified approach for distinguishing capacity updating rules (the Dempster-Shafer updating rule, naive Bayes' updating rule, and Fagin-Halpern updating rule) according to the degree of dynamic consistency.
  • Publisher: Berlin/Heidelberg: Springer
  • Language: English
  • Identifier: ISSN: 0938-2259
    EISSN: 1432-0479
    DOI: 10.1007/s00199-018-1121-0
  • Source: AUTh Library subscriptions: ProQuest Central
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