An axiomatization of Choquet expected utility with cominimum independence

Takao Asano, Hiroyuki Kojima

Research output: Contribution to journalArticle

2 Citations (Scopus)

Abstract

This paper proposes a class of independence axioms for simple acts. By introducing the (Formula presented.)-cominimum independence axiom that is stronger than the comonotonic independence axiom but weaker than the independence axiom, we provide a new axiomatization theorem of simple acts within the framework of Choquet expected utility. Furthermore, in order to provide the axiomatization of simple acts, we generalize Kajii et al. (J Math Econ 43:218–230, 2007) into an infinite state space. Our axiomatization theorem relates Choquet expected utility to multi-prior expected utility through the core of a capacity that is explicitly derived within our framework. Our result in this paper also derives Gilboa (Econometrica 57:1153–1169, 1989), Eichberger and Kelsey (Theory Decis 46:107–140, 1999), and Rohde (Soc Choice Welf 34:537–547, 2010) as a corollary.

Original languageEnglish
Pages (from-to)117-139
Number of pages23
JournalTheory and Decision
Volume78
Issue number1
DOIs
Publication statusPublished - Jan 1 2013

Keywords

  • Choquet expected utility
  • Cominimum additivity
  • Cominimum independence
  • Core
  • E-capacity expected utility
  • Multi-prior expected utility

ASJC Scopus subject areas

  • Decision Sciences(all)
  • Developmental and Educational Psychology
  • Arts and Humanities (miscellaneous)
  • Applied Psychology
  • Social Sciences(all)
  • Economics, Econometrics and Finance(all)
  • Computer Science Applications

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