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Dillenberger, David; Sadowski, Philipp - Department of Economics, University of Pennsylvania - 2011

decision maker’s uncertainty about the beliefs he will hold when choosing from a menu. In the most general model of second …-order beliefs, we characterize a notion of "more preference for flexibility" via a subjective analogue of Blackwell’s (1951, 1953 … on their prior beliefs. The class of information systems that can support such a representation generalizes the notion of …

Persistent link: https://www.econbiz.de/10009366834

Optimism and Pessimism with Expected Utility

Dillenberger, David; Postlewaite, Andrew; Rozen, Kareen - Department of Economics, University of Pennsylvania - 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/10009351308

Optimism and Pessimism with Expected Utility, Fourth Version

Dillenberger, David; Postlewaite, Andrew; Rozen, Kareen - Department of Economics, University of Pennsylvania - 2011

Maximizing subjective expected utility is the classic model of decision-making under uncertainty. Savage (1954) provides axioms on preference over acts that are equivalent to the existence of a subjective expected utility representation, and further establishes that such a representation is...

Persistent link: https://www.econbiz.de/10010721457

Cautious Expected Utility and the Certainty Effect

Cerreia-Vioglio, Simone; Dillenberger, David; Ortoleva, … - Department of Economics, University of Pennsylvania - 2014

Many violations of the Independence axiom of Expected Utility can be traced to subjects' attraction to risk-free prospects. The key axiom in this paper, Negative Certainty Independence (Dillenberger, 2010), formalizes this tendency. Our main result is a utility representation of all preferences...

Persistent link: https://www.econbiz.de/10010743117

Optimism and Pessimism with Expected Utility, Fifth Version

Dillenberger, David; Postlewaite, Andrew; Rozen, Kareen - Department of Economics, University of Pennsylvania - 2013

Maximizing subjective expected utility is the classic model of decision making under uncertainty. Savage (1954) provides axioms on preference over acts that are equivalent to the existence of a subjective expected utility representation, and further establishes that such a representation is...

Persistent link: https://www.econbiz.de/10011184269

Subjective Learning, Second Version

Dillenberger, David; Sadowski, Philipp - Department of Economics, University of Pennsylvania - 2011

's uncertainty about his future beliefs. Using the most general representation, we characterize a notion of "more preference for … allows us to compare individuals who expect to learn differently, even if they do not agree on their prior beliefs. The class … filtration (the timing of information arrival with the sequence of partitions it induces) and prior beliefs are uniquely …

Persistent link: https://www.econbiz.de/10009652215

A Theory of Subjective Learning

Dillenberger, David; Sadowski, Philipp; Lleras, Juan … - Department of Economics, University of Pennsylvania - 2012

’s uncertainty about his future beliefs. The most general representation identifies a unique probability distribution over the set of … us to compare individuals who expect to learn differently, even if they do not agree on their prior beliefs. We conclude …

Persistent link: https://www.econbiz.de/10010568533

Optimism and Pessimism with Expected Utility, Second Version

Dillenberger, David; Postlewaite, Andrew; Rozen, Kareen - Department of Economics, University of Pennsylvania - 2011

Savage (1954) provided axioms on preferences over acts that were equivalent to the existence of an expected utility representation. We show that there is a continuum of other expected utility" representations in which for any act, the probability distribution over states depends on the...

Persistent link: https://www.econbiz.de/10010569162

Generalized Partition and Subjective Filtration

Dillenberger, David; Sadowski, Philipp - Department of Economics, University of Pennsylvania - 2012

share the same prior beliefs. We apply the model to study an individual who anticipates gradual resolution of uncertainty … beliefs are uniquely identified. …

Persistent link: https://www.econbiz.de/10010578420

Optimism and Pessimism with Expected Utility, Third Version

Dillenberger, David; Postlewaite, Andrew; Rozen, Kareen - Department of Economics, University of Pennsylvania - 2011

Savage (1954) provides axioms on preferences over acts that are equivalent to the existence of a subjective expected utility representation. We show that there is a continuum of other \expected utility" representations in which for any act, the probability distribution over states depends on the...

Persistent link: https://www.econbiz.de/10010600835