Symmetry or Dynamic Consistency?

被引:0
|
作者
Epstein, Larry G. [1 ]
Seo, Kyoungwon [2 ]
机构
[1] Boston Univ, Boston, MA 02215 USA
[2] Northwestern Univ, Dept Managerial Econ & Decis Sci, Evanston, IL 60208 USA
来源
B E JOURNAL OF THEORETICAL ECONOMICS | 2011年 / 11卷 / 01期
关键词
ambiguity; exchangeable; dynamic consistency; symmetry; AMBIGUITY; RISK;
D O I
暂无
中图分类号
F [经济];
学科分类号
02 ;
摘要
In a setting with repeated experiments, where evidence about the experiments is symmetric, a decision-maker ranks bets (or acts) over their outcomes. We describe a stark modeling trade-off between symmetry of preference (indifference to permutations), dynamic consistency and ambiguity. Then, assuming that experiments are ordered in time, we outline an axiomatic model of preference that exhibits dynamic consistency and yet models learning under ambiguity.
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页数:13
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