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Approachability with delayed information
Lagziel, David; Lehrer, Ehud - In: Journal of Economic Theory 157 (2015) C, pp. 425-444
We consider a sequential decision problem where the decision maker is informed of the actual payoff with delay. We introduce a new condition, which generalizes the condition given by Blackwell and ensures that the decision maker can approach a fixed closed and convex set under delay. We show how...
Persistent link: https://www.econbiz.de/10011263587
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Convergence in models with bounded expected relative hazard rates
Oyarzun, Carlos; Ruf, Johannes - In: Journal of Economic Theory 154 (2014) C, pp. 229-244
We provide a general framework to study stochastic sequences related to individual learning in economics, learning automata in computer sciences, social learning in marketing, and other applications. More precisely, we study the asymptotic properties of a class of stochastic sequences that take...
Persistent link: https://www.econbiz.de/10011076665
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When are signals complements or substitutes?
Börgers, Tilman; Hernando-Veciana, Angel; Krähmer, Daniel - In: Journal of Economic Theory 148 (2013) 1, pp. 165-195
The paper introduces a notion of complementarity (substitutability) of two signals which requires that in all decision problems each signal becomes more (less) valuable when the other signal becomes available. We provide a general characterization which relates complementarity and...
Persistent link: https://www.econbiz.de/10011042929
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No-regret dynamics and fictitious play
Viossat, Yannick; Zapechelnyuk, Andriy - In: Journal of Economic Theory 148 (2013) 2, pp. 825-842
Potential based no-regret dynamics are shown to be related to fictitious play. Roughly, these are ε-best reply dynamics where ε is the maximal regret, which vanishes with time. This allows for alternative and sometimes much shorter proofs of known results on convergence of no-regret dynamics...
Persistent link: https://www.econbiz.de/10011042930
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A note on absolutely expedient learning rules
Oyarzun, Carlos - In: Journal of Economic Theory 153 (2014) C, pp. 213-223
I provide a full characterization of the set of absolutely expedient learning rules introduced in Börgers et al. [2]. The expected change in the expected payoff can be written as a quadratic form on the vector of relative expected payoffs of the strategies. This permits use of standard linear...
Persistent link: https://www.econbiz.de/10011043004
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Learning and risk aversion
Oyarzun, Carlos; Sarin, Rajiv - In: Journal of Economic Theory 148 (2013) 1, pp. 196-225
We study how learning shapes behavior towards risk when individuals are not assumed to know, or to have beliefs about, probability distributions. In any period, the behavior change induced by learning is assumed to depend on the action chosen and the payoff obtained. We characterize learning...
Persistent link: https://www.econbiz.de/10010616903
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The price of flexibility: Towards a theory of Thinking Aversion
Ortoleva, Pietro - In: Journal of Economic Theory 148 (2013) 3, pp. 903-934
We study the behavior of an agent who dislikes large choice sets because of the ‘cost of thinking’ involved in choosing from them. Focusing on preferences over lotteries of menus, we introduce the notion of Thinking Aversion. We characterize preferences as the difference between an affine...
Persistent link: https://www.econbiz.de/10010665749
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Variational Bewley preferences
Faro, José Heleno - In: Journal of Economic Theory 157 (2015) C, pp. 699-729
of consequences, η:Δ→[0,∞] is an ambiguity index, and Δ is the set of priors over the state space S. This representation …
Persistent link: https://www.econbiz.de/10011263584
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Exchangeable capacities, parameters and incomplete theories
Epstein, Larry G.; Seo, Kyoungwon - In: Journal of Economic Theory 157 (2015) C, pp. 879-917
The de Finetti Theorem on exchangeable predictive priors is generalized to a framework where preference is represented by Choquet expected utility with respect to a belief function (a special capacity). The resulting model provides behavioral foundations for the decision-maker's subjective...
Persistent link: https://www.econbiz.de/10011263610
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Survival with ambiguity
Guerdjikova, Ani; Sciubba, Emanuela - In: Journal of Economic Theory 155 (2015) C, pp. 50-94
We analyze a market populated by expected utility maximizers and smooth ambiguity-averse consumers. We study conditions … under which ambiguity-averse consumers survive and affect prices in the limit. If ambiguity vanishes with time or if the … economy exhibits no aggregate risk, ambiguity-averse consumers survive, but have no long-run impact on prices. In both …
Persistent link: https://www.econbiz.de/10011189747