Symmetry or Dynamic Consistency?

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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.
Publisher
WALTER DE GRUYTER & CO
Issue Date
2011
Language
English
Article Type
Article
Keywords

AMBIGUITY; RISK

Citation

B E JOURNAL OF THEORETICAL ECONOMICS, v.11, no.1

ISSN
1935-1704
URI
http://hdl.handle.net/10203/176619
Appears in Collection
MT-Journal Papers(저널논문)
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