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RATIONAL AND SOCIAL CHOICE Part 5

Một phiên bản yếu hơn của phương pháp này, dựa trên những hạn chế nhất quán với một tập hợp con của xổ số giả thuyết rằng có sự phân bố biên trên S, do Karni, Schmeidler, và Vind (1983), sản lượng một đại diện tiện ích dự kiến chủ quan với các ưu đãi nhà nước phụ thuộc. | 230 EDIKARNI A weaker version of this approach based on restricting consistency to a subset of hypothetical lotteries that have the same marginal distribution on s due to Karni Schmeidler and Vind 1983 yields a subjective expected utility representation with state-dependent preferences. However the subjective probabilities in this representation are arbitrary and the utility functions while capturing the decision-maker s state-dependent risk attitudes do not necessarily represent his evaluation of the consequences in the different states. Wakker 1987 extends the theory of Karni Schmeidler and Vind to include the case in which the set of consequences is a connected topological space. Other theories yielding subjective expected utility representations with statedependent utility functions invoke preferences on conditional acts i.e. preference relations over the set of acts conditional on events . Fishburn 1973 Drèze and Rustichini 1999 and Karni 2007 advance such theories. Skiadas 1997 proposes a model based on hypothetical preferences that yields a representation with statedependent preferences. In this model acts and states are primitive concepts and preferences are defined on act-event pairs. For any such pair the consequences utilities represent the decision-maker s expression of his holistic valuation of the act. The decision-maker is not supposed to know whether the given event occurred hence his evaluation of the act reflects in part his anticipated feelings such as disappointment aversion. 9.3.2 Subjective Expected Utility with Moral Hazard and State-Dependent Preferences A different choice-based approach to modeling expected utility with statedependent utility functions presumes that decision-makers believe that they possess the means to affect the likelihood of the states. This idea was originally proposed by Drèze 1961 1987 . Departing from Anscombe and Aumann s 1963 reversal of order in compound lotteries axiom Drèze assumes that a decision-maker who .