Cumulative dominance and probabilistic sophistication

Authors
Sarin, R Wakker, PP
Citation
R. Sarin et Pp. Wakker, Cumulative dominance and probabilistic sophistication, MATH SOC SC, 40(2), 2000, pp. 191-196
Citations number
17
Categorie Soggetti
Economics
Journal title
MATHEMATICAL SOCIAL SCIENCES
ISSN journal
01654896 → ACNP
Volume
40
Issue
2
Year of publication
2000
Pages
191 - 196
Database
ISI
SICI code
0165-4896(200009)40:2<191:CDAPS>2.0.ZU;2-D
Abstract
Machina and Schmeidler [Econometrica, 60 (1992) 745-780] gave preference co nditions for probabilistic sophistication, i.e. decision making where uncer tainty can be expressed in terms of (subjective) probabilities without comm itment to expected utility maximization; This note shows that simpler and m ore general results can be obtained by combining results from qualitative p robability theory with a 'cumulative dominance' axiom. (C) 2000 Elsevier Sc ience BN. All rights reserved.