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Communication and Learning
Anderlini, Luca; Gerardi, Dino; Lagunoff, Roger - Cowles Foundation for Research in Economics, Yale University - 2008
We study the intergenerational accumulation of knowledge in an infinite-horizon model of communication. Each in a … equilibria do not exist. This is so both in the case of private communication in which each player only hears the message of his … immediate predecessor, and in the case of public communication, in which each player hears the message of all previous players …
Persistent link: https://www.econbiz.de/10005593160
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Preference for Information and Dynamic Consistency
Grant, Simon; Kajii, Atsushi; Polak, Ben - Cowles Foundation for Research in Economics, Yale University - 1999
We provide necessary and sufficient conditions for a dynamically consistent agent always to prefer more informative signals (in single-agent problems). These conditions do not imply recursivity, reduction or independence. We provide a simple definition of dynamically consistent behavior, and we...
Persistent link: https://www.econbiz.de/10005762811
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Social Memory and Evidence from the Past
Anderlini, Luca; Gerardi, Dino; Lagunoff, Roger - Cowles Foundation for Research in Economics, Yale University - 2007
. We examine whether such behavior is consistent with the theory of rational strategic behavior. We analyze an infinite …
Persistent link: https://www.econbiz.de/10005093959
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Optimism and Pessimism with Expected Utility
Dillenberger, David; Postlewaite, Andrew; Rozen, Kareen - Cowles Foundation for Research in Economics, Yale University - 2011
Savage (1954) provided a set of axioms on preferences over acts that were equivalent to the existence of an expected utility representation. We show that in addition to this representation, there is a continuum of other "expected utility" representations in which for any act, the probability...
Persistent link: https://www.econbiz.de/10009351465
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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 outcomes, such as food, and what determines the intensity of such preferences? A common view is that such other outcomes enhance fitness and the intensity of our preference for a...
Persistent link: https://www.econbiz.de/10010895633
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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 outcomes, food, for example, and what determines the intensity of such preferences? A common view is that such other outcomes enhance fitness and the intensity of our preference for...
Persistent link: https://www.econbiz.de/10010895657
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Cognitive Foundations of Probability
Gilboa, Itzhak; Schmeidler, David - Cowles Foundation for Research in Economics, Yale University - 2001
Prediction is based on past cases. We assume that a predictor can rank eventualities according to their plausibility given any memory that consists of repetitions of past cases. In a companion paper, we show that under mild consistency requirements, these rankings can be represented by numerical...
Persistent link: https://www.econbiz.de/10005762678
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Monotone Preferences over Information
Dubra, Juan; Echenique, Federico - Cowles Foundation for Research in Economics, Yale University - 2001
We consider preference relations over information that are monotone: more information is preferred to less. We prove that, if a preference relation on information about an uncountable set of states of nature is monotone, then it is not representable by a utility function.
Persistent link: https://www.econbiz.de/10005463865
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Decomposable Choice Under Uncertainty
Grant, Simon; Kajii, Atsushi; Polak, Ben - Cowles Foundation for Research in Economics, Yale University - 1999
Savage motivated his Sure Thing Principle by arguing that, whenever an act would be preferred if an event obtains and preferred if that event did not obtain, then it should be preferred overall. The idea that it should be possible to decompose and recompose decision problems in this way has...
Persistent link: https://www.econbiz.de/10004990721
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A Stochastic Overlapping Generations Economy with Inheritance
Karatzas, Ioannis; Shubik, Martin; Sudderth, William D. - Cowles Foundation for Research in Economics, Yale University - 2000
An overlapping generations model of an exchange economy is considered, with individuals having a finite expected life-span. Conditions concerning birth, death, inheritance and bequests are fully specified. Under such conditions, the existence of stationary Markov equilibrium is established in...
Persistent link: https://www.econbiz.de/10004990769