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Hanany, Eran; Klibanoff, Peter - 2008

ambiguity aversion. This characterization extends to regret-based models as well. As an application of our general result, we … characterize dynamically consistent updating for two important models of ambiguity averse preferences: the ambiguity averse smooth … ambiguity preferences (Klibanoþ, Marinacci and Mukerji [Econometrica 73 2005, pp. 1849-1892]) and the variational preferences …

Persistent link: https://www.econbiz.de/10010266275

Neo-additive capacities and updating

Eichberger, Jürgen; Grant, Simon; Lefort, Jean-Philippe - Alfred-Weber-Institut für Sozial- und … - 2009

This paper shows that, for CEU preferences, the axioms consquentialism, state independenceand conditional certainty equivalent consistency under updating characterise a family of capacities,called Genralised Neo-Additive Capacities (GNAC). This family contains as special casesamong others...

Persistent link: https://www.econbiz.de/10005868377

Updating preferences with multiple priors

Hanany, Eran; Klibanoff, Peter - In: Theoretical economics : TE ; an open access journal in … 2 (2007) 3, pp. 261-298

We propose and axiomatically characterize dynamically consistent update rules for decision making under ambiguity … of preferences over acts, to be able to reconcile typical behavior in the face of ambiguity (as exemplified by Ellsberg …

Persistent link: https://www.econbiz.de/10011702323

Updating ambiguity averse preferences

Hanany, Eran (contributor); Klibanoff, Peter (contributor) - 2008

ambiguity aversion. This characterization extends to regret-based models as well. As an application of our general result, we … characterize dynamically consistent updating for two important models of ambiguity averse preferences: the ambiguity averse smooth … ambiguity preferences (KlibanoÞ, Marinacci and Mukerji [Econometrica 73 2005, pp. 1849-1892]) and the variational preferences …

Persistent link: https://www.econbiz.de/10003782136

Decision theory with a Hilbert space as possibility space

Eichberger, Jürgen; Pirner, Hans J. - 2017

In this paper, we propose an interpretation of the Hilbert space method used in quantum theory in the context of decision making under uncertainty. For a clear comparison we will stay as close as possible to the framework of SEU suggested by Savage (1954). We will use the Ellsberg (1961) paradox...

Persistent link: https://www.econbiz.de/10011745366

Randomization and dynamic consistency

Eichberger, Jürgen; Grant, Simon; Kelsey, David - 2014

Persistent link: https://www.econbiz.de/10010357257