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Temporal Resolution of Uncertainty and Dynamic Choice Theory

David M. Kreps and Evan L. Porteus
Econometrica
Vol. 46, No. 1 (Jan., 1978), pp. 185-200
Published by: The Econometric Society
DOI: 10.2307/1913656
Stable URL: http://www.jstor.org/stable/1913656
Page Count: 16
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Temporal Resolution of Uncertainty and Dynamic Choice Theory
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Abstract

We consider dynamic choice behavior under conditions of uncertainty, with emphasis on the timing of the resolution of uncertainty. Choice behavior in which an individual distinguishes between lotteries based on the times at which their uncertainty resolves is axiomatized and represented, thus the result is choice behavior which cannot be represented by a single cardinal utility function on the vector of payoffs. Both descriptive and normative treatments of the problem are given and are shown to be equivalent. Various specializations are provided, including an extension of "separable" utility and representation by a single cardinal utility function.

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