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Biology and the Arguments of Utility

Rayo, Luis; Robson, Arthur - Cowles Foundation for Research in Economics, Yale University - 2013

Why did evolution not give us a utility function that is offspring alone? Why do we care intrinsically about other …

Persistent link: https://www.econbiz.de/10010895633

Biology and the Arguments of Utility

Rayo, Luis; Robson, Arthur - Cowles Foundation for Research in Economics, Yale University - 2013

Why did evolution not give us a utility function that is offspring alone? Why do we care intrinsically about other …

Persistent link: https://www.econbiz.de/10010895657

Believe and Let Believe: Axiomatic Foundations for Belief Dependent Utility Functionals

Yariv, Leeat - Cowles Foundation for Research in Economics, Yale University - 2001

effect through the actions taken. I present a model that incorporates beliefs into an agent's utility function. The paper … provides axiomatic foundations for a special class of non-additive utility indices defined over infinite streams of beliefs and … satisfying these assumptions admit a generalized discounted utility representation in which all terms depend on both actions and …

Persistent link: https://www.econbiz.de/10005593381

Knightian Decision Theory, Part II. Intertemporal Problems

Bewley, Truman F. - Cowles Foundation for Research in Economics, Yale University - 1987

The theory of choice proposed in "Knightian Decision Theory, Part I" is here applied to intertemporal problems. An analogue of dynamic programming called maxmin programming is developed. Also, it is shown that detailed contingent planning may not be needed in order to achieve maximality, a...

Persistent link: https://www.econbiz.de/10005762716

Market Innovation and Entrepreneurship: A Knightian View

Bewley, Truman F. - Cowles Foundation for Research in Economics, Yale University - 1989

Stimulated by Frank Knight's work, "Risk, Uncertainty and Profit," I present a theory of innovation based on what I term Knightian decision theory. This theory includes a concept of uncertainty aversion, a behavioral property that makes people reluctant to undertake new unevaluatable risks. This...

Persistent link: https://www.econbiz.de/10005463850

Game Theory Without Partitions, and Applications to Speculation and Consensus

Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 1989

Decision theory and game theory are extended to allow for information processing errors. This extended theory is then used to reexamine market speculation and consensus, both when all actions (opinions) are common knowledge and when they may not be. Five axioms of information processing are...

Persistent link: https://www.econbiz.de/10005249171

Knightian Decision Theory: Part 1

Bewley, Truman F. - Cowles Foundation for Research in Economics, Yale University - 1986

A theory of choice under uncertainty is proposed which removes the completeness assumption from the Anscombe-Aumann formulation of Savage's theory and introduces an inertia assumption. The inertia assumption is that there is such a thing as the status quo and an alternative is accepted only if...

Persistent link: https://www.econbiz.de/10004990797