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- Publisher Website: 10.1016/j.jet.2022.105448
- Scopus: eid_2-s2.0-85127668501
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Article: Twofold multiprior preferences and failures of contingent reasoning
Title | Twofold multiprior preferences and failures of contingent reasoning |
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Authors | |
Keywords | Conservatism Decision theory Incomplete preference Obvious dominance |
Issue Date | 2022 |
Citation | Journal of Economic Theory, 2022, v. 202, article no. 105448 How to Cite? |
Abstract | We propose a model of incomplete 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. |
Persistent Identifier | http://hdl.handle.net/10722/330786 |
ISSN | 2023 Impact Factor: 1.4 2023 SCImago Journal Rankings: 3.218 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Echenique, Federico | - |
dc.contributor.author | Miyashita, Masaki | - |
dc.contributor.author | Nakamura, Yuta | - |
dc.contributor.author | Pomatto, Luciano | - |
dc.contributor.author | Vinson, Jamie | - |
dc.date.accessioned | 2023-09-05T12:14:17Z | - |
dc.date.available | 2023-09-05T12:14:17Z | - |
dc.date.issued | 2022 | - |
dc.identifier.citation | Journal of Economic Theory, 2022, v. 202, article no. 105448 | - |
dc.identifier.issn | 0022-0531 | - |
dc.identifier.uri | http://hdl.handle.net/10722/330786 | - |
dc.description.abstract | We propose a model of incomplete 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. | - |
dc.language | eng | - |
dc.relation.ispartof | Journal of Economic Theory | - |
dc.subject | Conservatism | - |
dc.subject | Decision theory | - |
dc.subject | Incomplete preference | - |
dc.subject | Obvious dominance | - |
dc.title | Twofold multiprior preferences and failures of contingent reasoning | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/j.jet.2022.105448 | - |
dc.identifier.scopus | eid_2-s2.0-85127668501 | - |
dc.identifier.volume | 202 | - |
dc.identifier.spage | article no. 105448 | - |
dc.identifier.epage | article no. 105448 | - |
dc.identifier.eissn | 1095-7235 | - |
dc.identifier.isi | WOS:000795133900004 | - |