Theory and Decision 52 (1):1-28 (2002)

Authors
Abstract
In a dynamic (sequential) framework, departures from the independence axiom (IND) are reputed to induce violations of dynamic consistency (DC), which may in turn have undesirable normative consequences. This result thus questions the normative acceptability of non expected-utility (non-EU) models, which precisely relax IND. This paper pursues a twofold objective. The main one is to discuss the normative conclusion: usual arguments linking violations of DC to departures from IND are shown to be actually based on specific (but usually remaining implicit) assumptions which may rightfully be released, so that it is actually possible for a non-EU maximizer to be dynamically consistent and thus avoid normative difficulties. The second objective is to introduce a kind of `reality principle' (through two other evaluation criteria) in order to mitigate the normative requirement when examining adequate moods for non-EU decision making
Keywords Sequential decisions  Decision trees  Dynamic consistency  Non-expected utility  Myopia  Money pump  Consequentialism  Sophisticated behaviour  Behavioural consistency  Resolute behaviour
Categories (categorize this paper)
DOI 10.1023/A:1015503119317
Options
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Revision history

Download options

PhilArchive copy


Upload a copy of this paper     Check publisher's policy     Papers currently archived: 71,291
External links

Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library

References found in this work BETA

Rationality and Dynamic Choice: Foundational Explorations.Edward Francis McClennen - 1990 - Cambridge, England: Cambridge University Press.
The Toxin Puzzle.Gregory S. Kavka - 1983 - Analysis 43 (1):33-36.
Ordering and Independence: Edward F. McClennen.Edward F. McClennen - 1988 - Economics and Philosophy 4 (2):298-308.

View all 11 references / Add more references

Citations of this work BETA

No citations found.

Add more citations

Similar books and articles

Clinical Judgment and Bioethics: The Decision Making Link.Richard A. Wright - 1991 - Journal of Medicine and Philosophy 16 (1):71-91.
Similarity in Logical Reasoning and Decision-Making.Horacio Arló-Costa - 2005 - Behavioral and Brain Sciences 28 (1):14-15.
A Model of Path-Dependence in Decisions Over Multiple Propositions.Christian List - 2004 - American Political Science Review 98 (3):495-513.

Analytics

Added to PP index
2010-09-02

Total views
121 ( #97,872 of 2,518,749 )

Recent downloads (6 months)
1 ( #408,070 of 2,518,749 )

How can I increase my downloads?

Downloads

My notes