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Probabilistic Sophistication and Stochastic Monotonicity in the Savage Framework

Simon GrantHatice ÖzsoyBen Polak

出版	Cowles Foundation for Research in Economics, Yale Univ., 2007
URL	http://books.google.com.hk/books?id=mxSMMwEACAAJ&hl=&source=gbs_api

註釋

Machina amp; Schmeidler (1992) show that probabilistic sophistication can be obtained in a Savage setting without imposing expected utility by dropping Savage's axiom P2 (sure-thing principle) and strengthening his axiom P4 (weak comparative probability). Their stronger axiom, however, embodies a degree of separability analogous to P2. In this note, we obtain probabilistic sophistication using Savage's original axiom P4 and a weaker analog of Savage's P2.