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The knob of the discord

Massimiliano Amarante; Fabio Maccheroni

Title:
The knob of the discord
Author(s):
Amarante, Massimiliano
Maccheroni, Fabio
Date:
Type:
Working papers
Department:
Economics
Permanent URL:
Series:
Department of Economics Discussion Papers
Part Number:
0405-14
Publisher:
Department of Economics, Columbia University
Publisher Location:
New York
Abstract:
For (S, Σ) a measurable space, let C1 and C2 and be convex, weak* closed sets of probability measures on Σ. We show that if C1 ∪ C2 satisfies the Lyapunov property, then there exists a set A ∈ Σ such that minμ1 ∈ C1 μ1(A) > maxμ2 ∈ C2 (A). We give applications to Maxmin Expected Utility and to the core of a lower probability.
Subject(s):
Economic theory
Item views:
172
Metadata:
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