Lexicographic expected utility with a subjective state space

Youichiro Higashi, Kazuya Hyogo

研究成果査読

抄録

This paper provides a model that allows for a criterion of admissibility based on a subjective state space. For this purpose, we build a non-Archimedean model of preference with subjective states, generalizing Blume et al. (Econometrica 59:61-79, 1991), who present a non-Archimedean model with exogenous states; and Dekel et al. (Econometrica 69:891-934, 2001), who present an Archimedean model with an endogenous state space. We interpret the representation as modeling an agent who has several "hypotheses" about her state space, and who views some as "infinitely less relevant" than others.

本文言語English
ページ(範囲)175-192
ページ数18
ジャーナルEconomic Theory
49
1
DOI
出版ステータスPublished - 1月 2012

ASJC Scopus subject areas

  • 経済学、計量経済学

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