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Temporal Resolution of Uncertainty and Dynamic Choice Theory
Abstract
We consider dynamic choice behavior under conditions of uncertainty, with emphasis on the timing of the resolution of uncertainty.Choice behavior in which an individual distinguishes between lotteries based on the times at which their uncertainty resolves is axiomatized and represented, thus the result is choice behavior which cannot be represented by a single cardinal utility function on the vector of payoffs.Both descriptive and normative treatments of the problem are given and are shown to be equivalent.Various specializations are provided, including an extension of "separable" utility and representation by a single cardinal utility function.
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Citations
Cited by
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Schultz, W. (2015) · Physiological Reviews · doi:10.1152/physrev.00023.2014 · Cited by 1,126
The Psychology and Neuroscience of Curiosity
Kidd, C., & Hayden, B. Y. (2015) · Neuron · doi:10.1016/j.neuron.2015.09.010 · Cited by 1,026
Eliciting Risk and Time Preferences
Andersen, S., Harrison, G. W., Lau, M. I., & Rutström, E. E. (2008) · Econometrica · doi:10.1111/j.1468-0262.2008.00848.x · Cited by 984
Arbitrage Theory in Continuous Time
Björk, T. (2004) · doi:10.1093/0199271267.001.0001 · Cited by 940
Neuroeconomics: Decision Making and the Brain
Rushworth, M. F. S., & Walton, M. E. (2009) · Neuron · doi:10.1016/j.neuron.2009.07.005 · Cited by 658
Metadata
- Authors
- Kreps, D. M., & Porteus, E. L.
- Venue
- Econometrica
- Publisher
- JSTOR
- Published
- 1978-01
- Volume
- 46
- Issue
- 1
- Pages
- 185
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W2132807882
- Cited by
- 1,821
- References
- 0
- FWCI
- 2.98
- Type
- journal article
- Language
- en
- Open access
- closed
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- Kreps, D. M., & Porteus, E. L. (1978). Temporal Resolution of Uncertainty and Dynamic Choice Theory. Econometrica. https://doi.org/10.2307/1913656
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