Conditional, hierarchical, multi-agent preferences

Abstract

ABSTRACT. We develop a revealed-preference theory for multiple agents. Some features of our construction, which draws heavily on Jeffrey's utility theory and on formal constructions by Domotor and Fishburn, are as follows. First, our system enjoys the "small-worlds " property. Second, it represents hierarchical preferences. As a result our expected utility representation is reminscent of type constructions in game theory, except that our construction features higher order utilities as well as higher order probabilities. Finally, our construction includes the representation of conditional preferences, including counterfactual preferences. 1.

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