Theory and Decision

, Volume 78, Issue 1, pp 117–139

An axiomatization of Choquet expected utility with cominimum independence

Article

DOI: 10.1007/s11238-013-9411-2

Cite this article as:
Asano, T. & Kojima, H. Theory Decis (2015) 78: 117. doi:10.1007/s11238-013-9411-2

Abstract

This paper proposes a class of independence axioms for simple acts. By introducing the \({\mathcal {E}}\)-cominimum independence axiom that is stronger than the comonotonic independence axiom but weaker than the independence axiom, we provide a new axiomatization theorem of simple acts within the framework of Choquet expected utility. Furthermore, in order to provide the axiomatization of simple acts, we generalize Kajii et al. (J Math Econ 43:218–230, 2007) into an infinite state space. Our axiomatization theorem relates Choquet expected utility to multi-prior expected utility through the core of a capacity that is explicitly derived within our framework. Our result in this paper also derives Gilboa (Econometrica 57:1153–1169, 1989), Eichberger and Kelsey (Theory Decis 46:107–140, 1999), and Rohde (Soc Choice Welf 34:537–547, 2010) as a corollary.

Keywords

Cominimum additivity Cominimum independence Choquet expected utility Multi-prior expected utility Core  E-capacity expected utility 

Copyright information

© Springer Science+Business Media New York 2013

Authors and Affiliations

  1. 1.Faculty of EconomicsOkayama UniversityOkayamaJapan
  2. 2.Department of EconomicsTeikyo UniversityHachiojiJapan

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