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Risk versus Ambiguity and International Security Design

Hill, Brian; Michalski, Tomasz - HEC Paris (École des Hautes Études Commerciales) - 2014

This paper studies portfolio allocation in the international financial market when investors exhibit ambiguity aversion towards assets issued in foreign locations. Entrepreneurs located in each country have access to a risky technology and want to attract capital. The authors characterize...

Persistent link: https://www.econbiz.de/10011120239

Le Paradoxe d'Allais: Comment lui rendre sa signification perdue? (Allais's Paradox: How to Give It Back Its Lost Meaning?)

Mongin, Philippe - HEC Paris (École des Hautes Études Commerciales) - 2013

De tous les problèmes conçus par la théorie de la décision, le paradoxe d'Allais est peut-être celui qui aura suscité l …'intérêt le plus persistant. La théorie y a consacré assez de travaux techniques remarquables pour qu'il soit désormais possible à … rationalité, et il invite finalement la théorie de la décision à diversifier ses méthodes en s'inspirant de ces tentatives …

Persistent link: https://www.econbiz.de/10011031653

Over-Confidence and Entrepreneurial Choice Under Ambiguity

Shyti, Anisa - HEC Paris (École des Hautes Études Commerciales) - 2013

decision makers, whose choices are in line with standard Prospect Theory predictions …

Persistent link: https://www.econbiz.de/10011031656

Deferral, incomplete preferences and confidence

Hill, Brian - HEC Paris (École des Hautes Études Commerciales) - 2011

Author's abstract: A theory of when to defer a decision is proposed, according to which a decision maker defers if and … deferral, the theory proposed here is unique in analysing deferral entirely in terms of the attitudes of the agent at the …

Persistent link: https://www.econbiz.de/10011031666

Detecting Heterogeneous Risk Attitudes with Mixed Gambles

Astebro, Thomas; Santos-Pinto, Luís - HEC Paris (École des Hautes Études Commerciales) - 2014

The authors propose a task for eliciting attitudes towards risk that is close to real world risky decisions which typically involve gains and losses. The task consists of accepting or rejecting gambles that provide a gain with probability p and a loss with probability 1 p. The authors employ...

Persistent link: https://www.econbiz.de/10011147688

Incomplete Preferences and Confidence

Hill, Brian - HEC Paris (École des Hautes Études Commerciales) - 2014

A theory of incomplete preferences under uncertainty is proposed, according to which a decision maker’s preferences are …

Persistent link: https://www.econbiz.de/10011147698

Aggregating Tastes, Beliefs, and Attitudes Under Uncertainty

Hill, Brian; Danan, Eric - HEC Paris (École des Hautes Études Commerciales) - 2014

The authors provide possibility results on the aggregation of beliefs and tastes for Monotone, Bernoullian and Archimedian preferences of Cerreia-Vioglio, Ghirardato, Maccheroni, Marinacci, and Siniscalchi (2011). The authors propose a new axiom, Unambiguous Pareto Dominance, which requires that...

Persistent link: https://www.econbiz.de/10011147710

Confidence as a Source of Deferral

Hill, Brian - HEC Paris (École des Hautes Études Commerciales) - 2014

an axiomatic theory of decision in situations where a costly deferral option is available that captures this source of …

Persistent link: https://www.econbiz.de/10011147719

Marking to Market and Inefficient Investment Decisions

Otto, Clemens A.; Volpin, Paolo F. - HEC Paris (École des Hautes Études Commerciales) - 2013

We examine how mark-to-market accounting affects investment decisions in an agency model with reputation concerns. Reporting the current market value of a firm's assets in the financial statements can serve as a disciplining device because the information contained in the market price provides a...

Persistent link: https://www.econbiz.de/10010832940

Dynamic Consistency and Ambiguity: A Reappraisal

HILL, Brian - HEC Paris (École des Hautes Études Commerciales) - 2013

It is commonly argued that dynamic consistency, consequentialism and non-expected utility are incompatible. The first aim of this paper is to rebut such arguments, by targeting the implicit assumption that the relevant contingencies correspond to objective resolutions of uncertainty (that is,...

Persistent link: https://www.econbiz.de/10010832945