Representing Preferences with a Unique Subjective State Space: A Corrigendum

Eddie Dekel · Barton L. Lipman · Aldo Rustichini C · Todd Sarver

92 citations0/0 files storedEconometrica

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Experimental Behavioral Economics Studies

Abstract

Dekel, Lipman and Rustichini (2001) (henceforth DLR) axiomatically characterized three representations of preferences that allow for a desire for flexibility and/or commitment. In one of these representations (ordinal expected utility), the independence axiom is stated in a weaker form than is necessary to obtain the representation; in another (additive expected utility), the continuity axiom is too weak. In this erratum we provide examples showing that the axioms used by DLR are not sufficient, and provide stronger versions of these axioms that, together with the other axioms used by DLR, are necessary and sufficient for these two representations. Copyright The Econometric Society 2007.

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References

2001Temptation and Self-Control 2001Representing Preferences with a Unique Subjective State Space 2008Anticipating Regret: Why Fewer Options May Be Better 2009Temptation-Driven Preferences 2013The price of flexibility: Towards a theory of Thinking Aversion

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