Recursive multiple-priors

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 tha...

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Veröffentlicht in:	Journal of economic theory 2003-11, Vol.113 (1), p.1-31
Hauptverfasser:	Epstein, Larry G., Schneider, Martin
Format:	Artikel
Sprache:	eng
Schlagworte:	Ambiguity Bayesian analysis Dynamic consistency Economic models Economic theory Ellsberg Paradox Multiple-priors Recursive utility Robust control Studies Updating beliefs
Online-Zugang:	Volltext
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