Working papers:
The knob of the discord
Massimiliano Amarante; Fabio Maccheroni
Downloads:
- Title:
- The knob of the discord
- Author(s):
-
Amarante, Massimiliano
Maccheroni, Fabio - Date:
- 2004
- Type:
- Working papers
- Department:
- Economics
- Permanent URL:
- http://hdl.handle.net/10022/AC:P:469
- 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:
- 129