Partially rational preferences under ambiguity
Fuente:
arXiv
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| Autores principales: | , |
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| Formato: | Preprint |
| Publicado: |
2025
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| Materias: | |
| Acceso en línea: | |
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| _version_ | 1866909788349136896 |
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| author | Nakamura, Kensei Yanagita, Shohei |
| author_facet | Nakamura, Kensei Yanagita, Shohei |
| contents | Completeness and transitivity are standard rationality conditions in economics. However, under ambiguity, decision makers sometimes violate these requirements because of the difficulty of forming accurate predictions about ambiguous events. Motivated by this, we study various ambiguity preferences that partially satisfy completeness and transitivity. Our characterization results show that completeness and a novel yet natural weakening of transitivity correspond to two opposite ways of using multiple probability distributions in mind; that is, these two axioms have dual implications at the level of cognitive processes for ambiguity. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2509_11660 |
| institution | arXiv |
| publishDate | 2025 |
| record_format | arxiv |
| spellingShingle | Partially rational preferences under ambiguity Nakamura, Kensei Yanagita, Shohei Theoretical Economics Completeness and transitivity are standard rationality conditions in economics. However, under ambiguity, decision makers sometimes violate these requirements because of the difficulty of forming accurate predictions about ambiguous events. Motivated by this, we study various ambiguity preferences that partially satisfy completeness and transitivity. Our characterization results show that completeness and a novel yet natural weakening of transitivity correspond to two opposite ways of using multiple probability distributions in mind; that is, these two axioms have dual implications at the level of cognitive processes for ambiguity. |
| title | Partially rational preferences under ambiguity |
| topic | Theoretical Economics |
| url | https://arxiv.org/abs/2509.11660 |