Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/127396
Authors: 
Eichberger, Jürgen
Grant, Simon
Lefort, Jean-Philippe
Year of Publication: 
2009
Series/Report no.: 
Discussion Paper Series, University of Heidelberg, Department of Economics 490
Abstract: 
This paper shows that, for CEU preferences, the axioms consquentialism, state independence and conditional certainty equivalent consistency under updating characterise a family of capacities, called Genralised Neo-Additive Capacities (GNAC). This family contains as special cases among others neo-additive capacities as introduced by Chateauneuf, Eichberger, and Grant(2007), Hurwicz capacities, and ε-contaminations. Moreover, we will show that the convex version of a GNAC is the only capacity for which the core of the Full-Bayesian Updates of a capacity, introduced by Jaffray (1992), equals the set of Bayesian updates of the probability distributions in the core of the original capacity.
Subjects: 
Ambiguity
Updating
Choquet Expected Utility
neo-additive capacities
Conditional Certainty Equivalent Consistency
JEL: 
D81
D82
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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