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André Lapied and Pascal Toquebeuf
''Atemporal non-expected utility preferences, dynamic consistency and consequentialism''
( 2010, Vol. 30 No.2 )
This note studies conditions which allow to maintain a non-expected utility representation (Max-min expected utility and Choquet expected utility), dynamic consistency and consequentialism in an atemporal and purely subjective framework. By contrast with a dynamic set-up, where consistency can be reached with non-expected utility models, we show that both Maxmin expected utility and Choquet expected utility degenerate into an expected utility representation.
Keywords: Non-expected utility, Choquet expected utility, Max-min expected utility, Dynamic consistency, Consequentialism
JEL: D8 - Information, Knowledge, and Uncertainty: General
Manuscript Received : Mar 30 2009 Manuscript Accepted : Jun 19 2010

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