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Handbook of the Economics of Risk and Uncertainty
book

Handbook of the Economics of Risk and Uncertainty

by Mark Machina, W. Kip Viscusi
November 2013
Beginner content levelBeginner
896 pages
35h 10m
English
North Holland
Content preview from Handbook of the Economics of Risk and Uncertainty
Rationality and Dynamic Consistency Under Risk and Uncertainty
85
the event E.
18
Each point
y
E
:= y
s
sE
Y
E
then represents a pattern of uncertain
consequences, given that E is known to occur. By definition, the event S is always
known to occur.
In dynamic decision problems, it is important to keep track of what event is known
to the decision maker at each stage. The relevant version of the ordinality hypothesis, in
fact, is that for each event
E S
, there is a conditional preference ordering
E
given E defined
on the domain Y
E
. Thus, we shall need to consider the whole family
E
(
�=
E
S
)
of conditional preference orderings as E varies over all ...
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Publisher Resources

ISBN: 9780444536853