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Autor:innen: 
Erscheinungsjahr: 
2006
Schriftenreihe/Nr.: 
Bonn Econ Discussion Papers No. 30/2006
Verlag: 
University of Bonn, Bonn Graduate School of Economics (BGSE), Bonn
Zusammenfassung: 
It is here shown that the extension of expected utility theory to multiple periods destroys the axiomatic base by introducing timing contradictions in what the chooser knows at a single time point. It is shown that some of these timing contradictions remain even if, as Samuelson (1952) proposed, no segment of the outcome space (to which utility attaches) commences before all risk is passed.
Schlagwörter: 
expected utility theory
rank dependent theories
axioms
single period
multiple period
timing contradictions
degree of knowledge ahead
JEL: 
D90
D81
Dokumentart: 
Working Paper

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