@article{Gilboa:275721,
      recid = {275721},
      author = {Gilboa, Itzhak and Maccheroni, Fabio and Marinacciand,  Massimo and Schmeidler, David},
      title = {Objective and Subjective Rationality in a Multiple Prior  Model},
      address = {2009-06},
      number = {2123-2018-5073},
      series = {2-09},
      pages = {54},
      year = {2009},
      abstract = {A decision maker is characterized by two binary relations.  The first reflects decisions that are rational in an  “objective” sense: the decision maker can convince others  that she is right in making them. The second relation  models decisions that are rational in a “subjective” sense:  the decision maker cannot be convinced that she is wrong in  making them. We impose axioms on these relations that allow  a joint representation by a single set of prior  probabilities. It is “objectively rational” to choose f in  the presence of g if and only if the expected utility of f  is at least as high as that of g given each and every prior  in the set. It is “subjectively rational” to choose f  rather than g if and only if the minimal expected utility  of f (relative to all priors in the set) is at least as  high as that of g.},
      url = {http://ageconsearch.umn.edu/record/275721},
      doi = {https://doi.org/10.22004/ag.econ.275721},
}