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 language | English |
|---|---|
| Pages (from-to) | 117-139 |
| Number of pages | 23 |
| Journal | Theory and Decision |
| Volume | 78 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - 2013 |
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Keywords
- Choquet expected utility
- Cominimum additivity
- Cominimum independence
- Core
- E-capacity expected utility
- Multi-prior expected utility
ASJC Scopus subject areas
- Decision Sciences(all)
- Economics, Econometrics and Finance(all)
- Computer Science Applications
- Applied Psychology
- Social Sciences(all)
- Arts and Humanities (miscellaneous)
- Developmental and Educational Psychology
Cite this
An axiomatization of Choquet expected utility with cominimum independence. / Asano, Takao; Kojima, Hiroyuki.
In: Theory and Decision, Vol. 78, No. 1, 2013, p. 117-139.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - An axiomatization of Choquet expected utility with cominimum independence
AU - Asano, Takao
AU - Kojima, Hiroyuki
PY - 2013
Y1 - 2013
N2 - 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.
AB - 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.
KW - Choquet expected utility
KW - Cominimum additivity
KW - Cominimum independence
KW - Core
KW - E-capacity expected utility
KW - Multi-prior expected utility
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U2 - 10.1007/s11238-013-9411-2
DO - 10.1007/s11238-013-9411-2
M3 - Article
AN - SCOPUS:84921700420
VL - 78
SP - 117
EP - 139
JO - Theory and Decision
JF - Theory and Decision
SN - 0040-5833
IS - 1
ER -