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Likely Events and Possible States
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Kin Chung Lo
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February 14, 2006
This paper provides a recipe to generate definitions of possibility, which is equivalent to the standard approach of deriving possibility from belief/knowledge. Savage's notion of nonnullity is therefore an example that fits into our framework. The recipe is used to create a new definition of possibility, which is logically coherent for all weakly monotonic preferences. For various nonexpected utility models of preference, our new definition improves nonnullity and its existing alternatives.
Published Online: 2006-2-14
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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Articles in the same Issue
- Advances Article
- Asymmetric Vertical Integration
- Shocks and Business Cycles
- Identification of Preferences from Market Data
- On the Right-of-First-Refusal
- Denial of Death and Economic Behavior
- Contributions Article
- Utility Equivalence in Auctions
- Pollution Taxes for Monopolistically Competitive Firms
- On the Welfare Evaluation of Income and Opportunity
- Inefficiency of Collusion at English Auctions
- Limited Attention as the Bound on Rationality
- Topics Article
- Upward and Downward Limit Pricing: The Role of Post-Entry Competition
- Anonymous Bidding and Revenue Maximization
- Citizen Candidacy With Asymmetric Information
- Likely Events and Possible States
