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ous seminar audiences and Drew Fudenberg and three anonymous referees for helpful comments. Dekel and Rustichini thank the NSF and Lipman thanks SSHRCC for financial support for this research. Lipman also thanks Northwestern and Carnegie Mellon for their hospitality while this work was in progress. This paper was previously titled " A Unique Subjective(More)
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and three anonymous referees for comments and Tel–Aviv University for its hospitality during part of the work on this paper. Dekel thanks the NSF and Lipman thanks SSHRCC for financial support for this research. Dekel and Lipman particularly thank Phil Reny for a series of discussions which led to this project. This paper was formerly titled " Possibility(More)
This paper analyzes a model of decision under ambiguity, deemed vector expected utility or VEU. According to the proposed model, an act f : Ω → X is evaluated via the functional V (f) = Ω u • f dp + A Ω u • f dm , where u : X → is a von Neumann-Morgenstern utility function, p is a baseline probability measure, Ω u • f dm is a adjustment vector of finite or(More)
We study which preferences are stable using the " indirect evolutionary approach. " Individuals are randomly matched to play a two-person game. Individual (subjective) preferences determine their behavior, and may differ from the actual (objective) payoffs that determine fitness. Matched individuals may observe the opponents' preferences perfectly, not at(More)
Dekel, Lipman and Rustichini (2001) (henceforth DLR) axiomatically characterized three representations of preferences that allow for a desire for flexibility and/or commitment. In one of these representations (ordinal expected utility), the independence axiom is stated in a weaker form than is necessary to obtain the representation; in another (additive(More)
We identify a new way of ordering functions, called the interval dominance order, that generalizes both the single crossing property and a standard condition used in statistical decision theory. This allows us to provide a unified treatment of the major theorems on monotone comparative statics with and without uncertainty, the comparison of signal(More)