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Certainty independence and the separation of utility and beliefs

Authors :
Ghirardato, Paolo
Maccheroni, Fabio
Marinacci, Massimo
Source :
Journal of Economic Theory. March, 2005, Vol. 121 Issue 1, p129, 8 p.
Publication Year :
2005

Abstract

The study conducted presents that for a general class of preferences, a separation of a key component of tastes, the utility function, from the other components of the representation is possible only if the decision maker's preference satisfy a mild but not completely innocuous conditions, called 'certainty independence'. The study outlines the axiomatic characterization of the preferences that obtain such separation, which are a subset of the biseperable preferences.

Details

Language :
English
ISSN :
00220531
Volume :
121
Issue :
1
Database :
Gale General OneFile
Journal :
Journal of Economic Theory
Publication Type :
Academic Journal
Accession number :
edsgcl.130432419