### 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 |

### Fingerprint

### 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

*Theory and Decision*,

*78*(1), 117-139. https://doi.org/10.1007/s11238-013-9411-2

**An axiomatization of Choquet expected utility with cominimum independence.** / Asano, Takao; Kojima, Hiroyuki.

Research output: Contribution to journal › Article

*Theory and Decision*, vol. 78, no. 1, pp. 117-139. https://doi.org/10.1007/s11238-013-9411-2

}

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

UR - http://www.scopus.com/inward/record.url?scp=84921700420&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84921700420&partnerID=8YFLogxK

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 -