Twofold Multiprior Preferences and Failures of Contingent Reasoning

Twofold Multiprior Preferences and Failures of Contingent Reasoning

We propose a model of incomplete \textit{twofold multiprior preferences}, in which an act \(f\) is ranked above an act \(g\) only when \(f\) provides higher utility in a worst-case scenario than what \(g\) provides in a best-case scenario. The model explains failures of contingent reasoning, capture...

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Veröffentlicht in:arXiv.org 2022-01
Hauptverfasser: Echenique, Federico, Miyashita, Masaki, Nakamura, Yuta, Pomatto, Luciano, Vinson, Jamie
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Multiple criterion
Uncertainty
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creator Echenique, Federico
Miyashita, Masaki
Nakamura, Yuta
Pomatto, Luciano
Vinson, Jamie
description We propose a model of incomplete \textit{twofold multiprior preferences}, in which an act \(f\) is ranked above an act \(g\) only when \(f\) provides higher utility in a worst-case scenario than what \(g\) provides in a best-case scenario. The model explains failures of contingent reasoning, captured through a weakening of the state-by-state monotonicity (or dominance) axiom. Our model gives rise to rich comparative statics results, as well as extension exercises, and connections to choice theory. We present an application to second-price auctions.
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Uncertainty
title Twofold Multiprior Preferences and Failures of Contingent Reasoning
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