Betweenness satisfying preferences and dynamic choice

Faruk Gul, Outi Lantto

Research output: Contribution to journalArticle

12 Scopus citations

Abstract

We consider the dynamic choice problem where uncertainty is resolved gradually (i.e., decision trees). We impose consistency on the decision maker by requiring that his behavior in trees conform to preference maximization over lotteries. We formulate and defend three different requirements on dynamic behavior and show that for any decision maker whose behavior is consistent with maximizing a continuous, monotone preference relation over lotteries, each one of these conditions is equivalent to the betweenness property of the underlying preferences.

Original languageEnglish (US)
Pages (from-to)162-177
Number of pages16
JournalJournal of Economic Theory
Volume52
Issue number1
DOIs
StatePublished - Jan 1 1990
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics

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