Generalized partition and dynamic consistency

Abstract

We investigate the implications of imposing a familiar version of dynamic consistency in situations where both the underlying information structure individuals face and their ex post preferences are unobservable. We derive a utility representation of preferences over menus of acts that captures the behavior of a Bayesian decision maker who obeys this property. The representation identi…es a class of information structures, referred to as a generalized partition, that includes a variety of intuitive learning processes. We apply the model to study an individual who anticipates gradual resolution of uncertainty over time and show how both the …ltration (the timing of information arrival with the sequence of partitions it induces) and prior beliefs are

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