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Subjective ambiguity, expected utility and Choquet expected utility
Zhang, Jiankang - In: Economic Theory 20 (2002) 1, pp. 159-181
`ambiguity' is subjective and derived from preferences. …
Persistent link: https://www.econbiz.de/10005371179
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Least convex capacities
Epstein, Larry G.; Zhang, Jiankang - In: Economic Theory 13 (1999) 2, pp. 263-286
Debreu proposed the notion of `least concave utility' as a way to disentangle risk attitudes from the certainty preferences embedded in a von-Neumann Morgenstern index. This paper studies preferences under uncertainty, as opposed to risk, and examines a corresponding decomposition of preference....
Persistent link: https://www.econbiz.de/10005178754
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An experimental analysis of the bandit problem
Banks, Jeffrey; Porter, David; Olson, Mark - In: Economic Theory 10 (1997) 1, pp. 55-77
We investigate, in an experimental setting, the behavior of single decision makers who at discrete time intervals over an "infinite" horizon may choose one action from a set of possible actions where this set is constant over time, i.e. a bandit problem. Two bandit environments are examined, one...
Persistent link: https://www.econbiz.de/10005147333
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Preference for flexibility in infinite horizon problems
Rustichini, Aldo - In: Economic Theory 20 (2002) 4, pp. 677-702
We consider the extension of the classical problem of preference for flexibility to many periods. Preferences are defined over sets of infinite paths of choices. The main result provides a set of axioms on preferences that yield an additive representation over a subjective state space. This...
Persistent link: https://www.econbiz.de/10005155445
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Act similarity in case-based decision theory (*)
Gilboa, Itzhak; Schmeidler, David - In: Economic Theory 9 (1996) 1, pp. 47-62
Case-Based Decision Theory (CBDT) postulates that decision making under uncertainty is based on analogies to past cases. In its original version, it suggests that each of the available acts is ranked according to its own performance in similar decision problems encountered in the past. <p>The...</p>
Persistent link: https://www.econbiz.de/10005596682
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Bayesian learning and convergence to Nash equilibria without common priors
Nyarko, Yaw - In: Economic Theory 11 (1998) 3, pp. 643-655
Consider an infinitely repeated game where each player is characterized by a "type" which may be unknown to the other players in the game. Suppose further that each player's belief about others is independent of that player's type. Impose an absolute continuity condition on the ex ante beliefs...
Persistent link: https://www.econbiz.de/10005597786
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The best choice problem under ambiguity
Chudjakow, Tatjana; Riedel, Frank - In: Economic Theory 54 (2013) 1, pp. 77-97
We model and solve best choice problems in the multiple prior framework: An ambiguity averse decision maker aims to … choose the best among a fixed number of applicants that appear sequentially in a random order. The agent faces ambiguity … strategy is simple. Ambiguity can lead to substantial differences to the classical threshold rule. Copyright Springer …
Persistent link: https://www.econbiz.de/10010993530
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Agreement theorem for neo-additive beliefs
Dominiak, Adam; Lefort, Jean-Philippe - In: Economic Theory 52 (2013) 1, pp. 1-13
In this paper, we extend Aumann’s (Ann Stat 4:1236–1239, <CitationRef CitationID="CR1">1976</CitationRef>) probabilistic agreement theorem to situations in which agents’ prior beliefs are represented by a common neo-additive capacity. In particular, we characterize the family of updating rules for neo-additive capacities, which are...</citationref>
Persistent link: https://www.econbiz.de/10010993544
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Second-order ambiguous beliefs
Nascimento, Leandro; Riella, Gil - In: Economic Theory 52 (2013) 3, pp. 1005-1037
-order ambiguity with the canonical models of (first-order) ambiguity aversion and provide a further generalization of SOSEU by …
Persistent link: https://www.econbiz.de/10010993549
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Trembles in extensive games with ambiguity averse players
Aryal, Gaurab; Stauber, Ronald - In: Economic Theory 57 (2014) 1, pp. 1-40
ambiguity averse players. In a setting where players’ preferences are represented by maxmin expected utility, as characterized … maximizing players. Our analysis shows that ambiguity aversion can lead to behavioral implications that are distinct from those …
Persistent link: https://www.econbiz.de/10010993562