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The knob of the discord

Amarante, Massimiliano; Maccheroni, Fabio

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.

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Publisher
Department of Economics, Columbia University
Publication Origin
New York
Series
Department of Economics Discussion Papers, 0405-14
Academic Units
Economics

Notes

December 2004

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