【主题】Axiomatizing Correlation Preference
【报告人】陈逸羣（教授，新加坡国立大学）
【时间】2024年5月21日周二14:00-15:30
【地点】经济学院401会议室
【语言】英文
【主持人】虎高计（副教授，上海财经大学经济学院微观经济学系）
【摘要】Building on the emerging literature on correlation preference reflecting regret and salience considerations, we offer an axiomatization of correlation utility (CU) without requiring transitivity or completeness. Under a correlation independence axiom, CU specializes to correlation expected utility (CEU) which is not compatible with behavior in the correlated Allais common-consequence problem. This motivates our correlation betweenness axiom and characterization of the corresponding correlation betweenness utility (CBU). We investigate the implications of an absence of correlation sensitivity as well as (in)completeness for CEU and CBU. Under correlation insensitivity, we demonstrate using the Kantorovich duality that CEU reduces to EU while CBU reduces to a skew-symmetric bilinear utility together with weakening correlation independence to correlation projective independence, reducing further to weighted utility under transitivity. Finally, we characterize correlation distribution reduction preference, subsuming two major generalizations of SEU: one maintains Savage’s Postulate 2 without transitivity (Fishburn, 1989); the other maintains transitivity without Postulate 2 (Machina and Schmeidler, 1992).
【报告人简介】Professor Yi-Chun Chen received his PhD from Northwestern University in 2009 before joining National University of Singapore. His research interests include game theory, mechanism design/implementation, matching theory and etc. His work has been published in top economics journals such as Econometrica, Journal of Political Economy, Review of Economic Studies, Theoretical Economics, Journal of Economic Theory, American Economic Journal: Microeconomics, Games and Economic Behavior and etc.
