Revealed unawareness
Revealed unawareness
I develop awareness-dependent subjective expected utility by taking unawareness structures introduced in Heifetz, Meier, and Schipper (2006, 2008, 2009) as primitives in the Anscombe-Aumann approach to subjective expected utility. I observe that a decision maker is unaware of an event if and only if her choices reveal that the event is null and the negation of the event is null. Moreover, I characterize impersonal expected utility that is behaviorally indistinguishable from awareness-dependent subject expected utility and assigns probability zero to some subsets of states that are not necessarily events. I discuss in what sense impersonal expected utility can not represent unawareness.
- University of California, Davis United States
- University of California United States
- Ludwig-Maximilians-Universität München Germany
- University of California, San Francisco United States
- University of California United States
zero probability, C70 - General, subjective expected utility, C72, null, C70, awareness, Unawareness; awareness; unforeseen contingencies; null; zero probability; subjective expected utility; Anscombe-Aumann; small worlds; extensionality of acts; event exchangeability, D80 - General, D81 - Criteria for Decision-Making under Risk and Uncertainty, extensionality of acts, event exchangeability, C72 - Noncooperative Games, ddc:330, Anscombe-Aumann, D82, unforeseen contingencies, Unawareness, awareness, unforeseen contingencies, null, zero probability, subjective expected utility, Anscombe-Aumann, small worlds, extensionality of acts, event exchangeability, D80, D03 - Behavioral Microeconomics: Underlying Principles, small worlds, unawareness, jel: jel:D80, jel: jel:D81, jel: jel:D03, jel: jel:C70, jel: jel:C72
zero probability, C70 - General, subjective expected utility, C72, null, C70, awareness, Unawareness; awareness; unforeseen contingencies; null; zero probability; subjective expected utility; Anscombe-Aumann; small worlds; extensionality of acts; event exchangeability, D80 - General, D81 - Criteria for Decision-Making under Risk and Uncertainty, extensionality of acts, event exchangeability, C72 - Noncooperative Games, ddc:330, Anscombe-Aumann, D82, unforeseen contingencies, Unawareness, awareness, unforeseen contingencies, null, zero probability, subjective expected utility, Anscombe-Aumann, small worlds, extensionality of acts, event exchangeability, D80, D03 - Behavioral Microeconomics: Underlying Principles, small worlds, unawareness, jel: jel:D80, jel: jel:D81, jel: jel:D03, jel: jel:C70, jel: jel:C72
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