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Ambiguous beliefs on damages and civil liability theories
Mondello, Gérard - 2013
This paper analyzes the meaning of comparing the economic performance of strict liability and negligence rule in a … injurers form beliefs. It shows first that, when the Court agrees with the regulator, whatever the liability regime, the first …, judge and regulator disagree, it is impossible to discriminate among liability standards because the issue depends on the …
Persistent link: https://www.econbiz.de/10010189329
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Decomposition of accident loss and decoupled liability assignment : a class of negligence rules
Ghosh, Papiya; Kundu, Rajendra P. - 2021
Persistent link: https://www.econbiz.de/10013329368
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Tort law from the perspective of economic theory
Lando, Henrik Dan - 1997
Persistent link: https://www.econbiz.de/10000968693
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Uncertainty and natural resources : prudence facing doomsday
Emmerling, Johannes - 2015
This paper studies the optimal extraction of a non-renewable resource under uncertainty using a discrete-time approach in the spirit of the literature on precautionary savings. We find that boundedness of the utility function, in particular the assumption about U(0), gives very different results...
Persistent link: https://www.econbiz.de/10010528821
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Ever since Allais
Dembo, Aluma; Kariv, Shachar; Polisson, Matthew; Quah, … - 2021
The Allais critique of expected utility theory (EUT) has led to the development of theories of choice under risk that …
Persistent link: https://www.econbiz.de/10012583551
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Revealed preferences over risk and uncertainty
Polisson, Matthew; Quah, John K.-H.; Renou, Ludovic - 2017
We develop a nonparametric procedure, called the lattice method, for testing the consistency of contingent consumption data with a broad class of models of choice under risk and under uncertainty. Our method allows for risk loving and elation seeking behavior and can be used to calculate, via...
Persistent link: https://www.econbiz.de/10011671892
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Ellsberg re-revisited : an experiment disentangling model uncertainty and risk aversion
Berger, Loic; Bosetti, Valentina - 2016
The results of an experiment extending Ellsberg's setup demonstrate that attitudes towards ambiguity and compound uncertainty are closely related. However, this association is much stronger when the second layer of uncertainty is subjective than when it is objective. Provided that the compound...
Persistent link: https://www.econbiz.de/10011457763
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Finding common ground when experts disagree : belief dominance over portfolios of alternatives
Baker, Erin; Bosetti, Valentina; Salo, Ahti A. - 2016
We address the problem of choosing a portfolio of policies under "deep uncertainty." We introduce the idea of belief dominance as a way to derive a set of non-dominated portfolios and robust individual alternatives. Our approach departs from the tradition of providing a single recommended...
Persistent link: https://www.econbiz.de/10011504367
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The impact of ambiguity prudence on insurance and prevention
Berger, Loïc - 2015
Most decisions concerning (self-)insurance and self-protection have to be taken in situations in which a) the effort exerted precedes the moment uncertainty realises, and b) the probabilities of future states of the world are not perfectly known. By integrating these two characteristics in a...
Persistent link: https://www.econbiz.de/10010486991
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An Approximate Dual-Self Model and Paradoxes of Choice under Risk
Fudenberg, Drew; Levine, David K.; Maniadis, Zacharias - 2012
Persistent link: https://www.econbiz.de/10009615723