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Preference for randomization and ambiguity aversion
Saito, Kota - 2011
Raiffa (1961) criticizes ambiguity-averse preferences by claiming that hedging is possible with randomization of …
Persistent link: https://www.econbiz.de/10010282920
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Preference for randomization: Ambiguity aversion and inequality aversion
Saito, Kota - 2010
important contexts. Under ambiguity aversion, an ex-ante mixture could provide only ex-ante hedging but not ex-post hedging … particular, two representations are characterized for each context. One representation for ambiguity aversion is an extension of …
Persistent link: https://www.econbiz.de/10010286983
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Updating ambiguity averse preferences
Hanany, Eran; Klibanoff, Peter - 2008
ambiguity aversion. This characterization extends to regret-based models as well. As an application of our general result, we … characterize dynamically consistent updating for two important models of ambiguity averse preferences: the ambiguity averse smooth … ambiguity preferences (Klibanoþ, Marinacci and Mukerji [Econometrica 73 2005, pp. 1849-1892]) and the variational preferences …
Persistent link: https://www.econbiz.de/10010266275
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Ruled by Robots: Preference for Algorithmic Decision Makers and Perceptions of Their Choices
Chugunova, Marina; Luhan, Wolfgang - 2023
As technology-assisted decision-making is becoming more widespread, it is important to understand how the algorithmic nature of the decisionmaker affects how decisions are perceived by the affected people. We use a laboratory experiment to study the preference for human or algorithmic decision...
Persistent link: https://www.econbiz.de/10014467833
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Fairness and competition in a bilateral matching market
Bester, Helmut - 2021
This paper analyzes fairness and bargaining in a dynamic bilateral matching market. Traders from both sides of the market are pairwise matched to share the gains from trade. The bargaining outcome depends on the traders' fairness attitudes. In equilibrium fairness matters because of market...
Persistent link: https://www.econbiz.de/10012653512
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Fairness and competition in a bilateral matching market
Bester, Helmut - 2021
This paper analyzes fairness and bargaining in a dynamic bilateral matching market. Traders from both sides of the market are pairwise matched to share the gains from trade. The bargaining outcome depends on the traders' fairness attitudes. In equilibrium fairness matters because of market...
Persistent link: https://www.econbiz.de/10012589795
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Boolean representations of preferences under ambiguity
Frick, Mira; Iijima, Ryota; Le Yaouanq, Yves - 2019
We propose a class of multiple-prior representations of preferences under ambiguity where the belief the decision … Optimism. The model does not restrict the sign of the DM's ambiguity attitude, and we show that it provides a unified framework … through which to characterize different degrees of ambiguity aversion, as well as to represent context-dependent negative and …
Persistent link: https://www.econbiz.de/10012141879
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Neo-additive capacities and updating
Eichberger, Jürgen; Grant, Simon; Lefort, Jean-Philippe - Alfred-Weber-Institut für Sozial- und … - 2009
This paper shows that, for CEU preferences, the axioms consquentialism, state independenceand conditional certainty equivalent consistency under updating characterise a family of capacities,called Genralised Neo-Additive Capacities (GNAC). This family contains as special casesamong others...
Persistent link: https://www.econbiz.de/10005868377
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On the design of criminal trials: The benefits of a three-verdict system
Siegel, Ron; Strulovici, Bruno - 2015
Persistent link: https://www.econbiz.de/10011335455
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A Model of Ideological Thinking
Le Yaouanq, Yves - 2018
This paper develops a theory in which heterogeneity in political preferences produces a partisan disagreement about objective facts. A political decision involving both idiosyncratic preferences and scientific knowledge is considered. Voters form motivated beliefs in order to improve their...
Persistent link: https://www.econbiz.de/10011932950