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Relevance and Symmetry.

Abstract:

We define a behavioral concept of relevance in the context of decision making under uncertainty. We argue that this concept provides a sensible answer to the question “What probabilistic environments do an individuals’ preferences reveal as mattering to her decisions?” under a symmetry assumption. This question has important implications for economic modeling. It is often the case that a modeler desires to restrict the probabilistic environments a decision maker considers. Without a conce...

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Publisher:
Department of Economics (University of Oxford)
Series:
Discussion paper series
Publication date:
2011-02-01
Language:
English
UUID:
uuid:37afaa98-1da5-437a-b20b-0664d1da1c05
Local pid:
oai:economics.ouls.ox.ac.uk:15062
Deposit date:
2011-08-16

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