TY - JOUR
T1 - Representing preferences with a unique subjective state space
T2 - A corrigendum
AU - Dekel, Eddie
AU - Lipman, Barton L.
AU - Rustichini, Aldo
AU - Sarver, Todd
PY - 2007/3
Y1 - 2007/3
N2 - Dekel, Lipman and Rustichini (2001) (henceforth DLR) axiomatically characterized three representations of preferences that allow for a desire for flexibility and/or commitment. In one of these representations (ordinal expected utility), the independence axiom is stated in a weaker form than is necessary to obtain the representation; in another (additive expected utility), the continuity axiom is too weak. In this erratum we provide examples showing that the axioms used by DLR are not sufficient, and provide stronger versions of these axioms that, together with the other axioms used by DLR, are necessary and sufficient for these two representations.
AB - Dekel, Lipman and Rustichini (2001) (henceforth DLR) axiomatically characterized three representations of preferences that allow for a desire for flexibility and/or commitment. In one of these representations (ordinal expected utility), the independence axiom is stated in a weaker form than is necessary to obtain the representation; in another (additive expected utility), the continuity axiom is too weak. In this erratum we provide examples showing that the axioms used by DLR are not sufficient, and provide stronger versions of these axioms that, together with the other axioms used by DLR, are necessary and sufficient for these two representations.
KW - Expected utility
KW - Preference for commitment
KW - Preference for flexibility
KW - Subjective state space
UR - http://www.scopus.com/inward/record.url?scp=33847400986&partnerID=8YFLogxK
U2 - 10.1111/j.1468-0262.2006.00759.x
DO - 10.1111/j.1468-0262.2006.00759.x
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AN - SCOPUS:33847400986
SN - 0012-9682
VL - 75
SP - 591
EP - 600
JO - Econometrica
JF - Econometrica
IS - 2
ER -