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Interactive Unawareness and Speculative Trade
Heifetz, Aviad; Meier, Martin; Schipper, Burkhard C. - 2003
The standard state-spaces of asymmetric information preclude non- trivial forms of unawareness (Dekel, Lipman and … standard information structures with strong properties of knowledge. …
Persistent link: https://www.econbiz.de/10010263088
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Unawareness, Beliefs and Games
Heifetz, Aviad; Meier, Martin; Schipper, Burkhard C. - 2007
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for many potential applications of asymmetric unawareness. We develop Bayesian games with unawareness, define equilibrium, and prove existence. We show how equilibria are...
Persistent link: https://www.econbiz.de/10010276586
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Nominalist Heuristics and Economic Theory
Pope, Robin; Selten, Reinhard; Kube, Sebastian - 2009
or ratios. Abstractions used in the evaluation stage of decision making typically involve nominalist heuristics that are … incompatible with expected utility theory which excludes the evaluation stage, and are also incompatible with prospect theory which … assumes that, while the evaluation procedure can involve systematic mistakes, the overall decision situation is nevertheless …
Persistent link: https://www.econbiz.de/10010270023
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Prominent Numbers, Indices and Ratios in Exchange Rate Determination and Financial Crashes: in Economists’ Models, in the Field and in the Laboratory
Pope, Robin; Selten, Reinhard; Kube, Sebastian; von … - 2009
laboratory. Third, nominalist heuristics are incompatible with expected utility theory which excludes the evaluation stage, and … are also incompatible with prospect theory which assumes that, while the evaluation stage can involve systematic mistakes …
Persistent link: https://www.econbiz.de/10010274186
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Nominalist Heuristics and Economic Theory
Pope, Robin; Selten, Reinhard; Kube, Sebastian - University of Bonn, Germany - 2009
or ratios. Abstractions used in the evaluation stage of decision making typically involve nominalist heuristics that are … incompatible with expected utility theory which excludes the evaluation stage, and are also incompatible with prospect theory which … assumes that, while the evaluation procedure can involve systematic mistakes, the overall decision situation is nevertheless …
Persistent link: https://www.econbiz.de/10004964146
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Prominent Numbers, Indices and Ratios in Exchange Rate Determination and Financial Crashes: in Economists’ Models, in the Field and in the Laboratory
Pope, Robin; Selten, Reinhard; Kube, Sebastian; Hagen, … - University of Bonn, Germany - 2009
laboratory. Third, nominalist heuristics are incompatible with expected utility theory which excludes the evaluation stage, and … are also incompatible with prospect theory which assumes that, while the evaluation stage can involve systematic mistakes …
Persistent link: https://www.econbiz.de/10004964148
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A Canonical Model for Interactive Unawareness
Heifetz, Aviad; Meier, Martin; Schipper, Burkhard C. - 2005
Heifetz, Meier and Schipper (2005) introduced a generalized state-space model that allows for non-trivial unawareness among several individuals and strong properties of knowledge. We show that this generalized state-space model arises naturally if states consist of maximally consistent sets of...
Persistent link: https://www.econbiz.de/10010276583
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Unawareness, Beliefs and Games
Heifetz, Aviad; Meier, Martin; Schipper, Burkhard C. - University of Bonn, Germany - 2007
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for many potential applications of asymmetric unawareness. We develop Bayesian games with unawareness, define equilibrium, and prove existence. We show how equilibria are...
Persistent link: https://www.econbiz.de/10004968356
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A Canonical Model for Interactive Unawareness
Heifetz, Aviad; Meier, Martin; Schipper, Burkhard C. - University of Bonn, Germany - 2005
Heifetz, Meier and Schipper (2005) introduced a generalized state-space model that allows for non-trivial unawareness among several individuals and strong properties of knowledge. We show that this generalized state-space model arises naturally if states consist of maximally consistent sets of...
Persistent link: https://www.econbiz.de/10004968416
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Interactive Unawareness and Speculative Trade
Heifetz, Aviad; Meier, Martin; Schipper, Burkhard C. - University of Bonn, Germany - 2003
The standard state-spaces of asymmetric information preclude non- trivial forms of unawareness (Dekel, Lipman and … standard information structures with strong properties of knowledge. …
Persistent link: https://www.econbiz.de/10004968454