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Dynamically consistent preferences under imprecise probabilistic information
Riedel, Frank; Tallon, Jean-Marc; Vergopoulos, Vassilios - 2017
Persistent link: https://www.econbiz.de/10011694941
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Can quantum decision theory explain the Ellsberg paradox?
Wei, Mengxing; Al-Nowaihi, Ali; Dhami, Sanjit S. - 2017
Persistent link: https://www.econbiz.de/10011612667
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Uncertainty and natural resources : prudence facing doomsday
Emmerling, Johannes - 2015
in the spirit of the literature on precautionary savings. We find that boundedness of the utility function, in particular … a bounded utility function, we show that in a standard two-period setting, prudence is no longer sufficient to ensure a … risk aversion is sufficient. These results highlight the importance of the specification of the utility function and its …
Persistent link: https://www.econbiz.de/10010528821
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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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Foundations of ambiguity models under symmetry : α-MEU and smooth ambiguity
Klibanoff, Peter; Mukerji, Sujoy; Seo, Kyoungwon; … - 2021 - This Version: January 13, 2021
The α-MEU model and the smooth ambiguity model are two popular models in decision making under ambiguity. However, the axiomatic foundations of these two models are not completely understood. We provide axiomatic foundations of these models in a symmetric setting with a product state space...
Persistent link: https://www.econbiz.de/10012422419
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Recursive objective and subjective multiple priors
Ceron, Federica; Vergopoulos, Vassilios - 2020
Persistent link: https://www.econbiz.de/10012244580
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Ordering ambiguous acts
Jewitt, Ian; Mukerji, Sujoy - 2017
explicit preference families: a maxmin expected utility and smooth ambiguity. Thirdly, we give applications to the comparative …
Persistent link: https://www.econbiz.de/10011694759
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Symmetry axioms and perceived ambiguity
Klibanoff, Peter; Mukerji, Sujoy; Seo, Kyoungwon - 2017
Since at least de Finetti [7], preference symmetry assumptions have played an important role in models of decision making under uncertainty. In the current paper, we explore (1) the relationship between the symmetry assumption of Klibanoff, Mukerji and Seo (KMS) [21] and alternative symmetry...
Persistent link: https://www.econbiz.de/10011694779