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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 …
Persistent link: https://www.econbiz.de/10012422419
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Symmetry axioms and perceived ambiguity
Klibanoff, Peter; Mukerji, Sujoy; Seo, Kyoungwon - 2017
between the set of relevant measures, shown by KMS [21] to reflect only perceived ambiguity, and the set of measures (which we … perceived ambiguity. Regarding symmetry assumptions, we show that, under relatively mild conditions, a variety of preference … stringent. Only when it is satisfied may the Bewley set be interpreted as reflecting only perceived ambiguity and not also taste …
Persistent link: https://www.econbiz.de/10011694779
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Ordering ambiguous acts
Jewitt, Ian; Mukerji, Sujoy - 2017
ambiguity averse relation. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act … makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more … ambiguous (II) act adversely affects a more ambiguity averse DM more, as measured by the compensation they require to switch …
Persistent link: https://www.econbiz.de/10011694759
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Stochastic complementarity
Manzini, Paola; Mariotti, Marco; Ulkti, Levent - 2015 - This version: March 2015
Classical definitions of complementarity are based on cross price elasticities, and so they do not apply, for example, when goods are free. This context includes many relevant cases such as online newspapers and public attractions. We look for a complementarity notion that does not rely on price...
Persistent link: https://www.econbiz.de/10010517697
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Modelling imperfect attention
Manzini, Paola; Mariotti, Marco - 2015 - This version: April 2015
We propose a novel method to model an agent who is imperfectly attentive in the sense that she may consider only some of the alternatives available. Our methodology departs from the standard 'revealed preference' one: we make plausible assumptions on the values to the imperfectly attentive agent...
Persistent link: https://www.econbiz.de/10010517698
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Competing for attention : is the showiest also the best?
Manzini, Paola; Mariotti, Marco - 2015
There are many situations in which alternatives ranked by quality wish to be chosen and compete for the imperfect attention of a chooser by selecting their own salience. The chooser may be "tricked" into choosing more salient but inferior alternatives. We investigate when competitive forces...
Persistent link: https://www.econbiz.de/10010517700
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Selective sampling with information-storage constraints
Jehiel, Philippe; Steiner, Jakub - 2019
Persistent link: https://www.econbiz.de/10012234587
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Dual Criteria Decisions
Andersen, Steffen; Harrison, Glenn W.; Lau, Morten Igel; … - 2009
The most popular models of decision making use a single criteria to evaluate projects or lotteries. However, decision makers may actually consider multiple criteria when evaluating projects. We consider a dual criteria model from psychology. This model integrates the familiar tradeoffs between...
Persistent link: https://www.econbiz.de/10012142356
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Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment
Harrison, Glenn W.; Lau, Morten I.; Yoo, Hong Il - 2019
Longitudinal experiments allow one to evaluate the temporal stability of latent preferences, but raise concerns about sample selection and attrition that may confound inferences about temporal stability. We evaluate the hypothesis of temporal stability in risk preferences using a remarkable data...
Persistent link: https://www.econbiz.de/10012142394
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Financial Market Equilibria With Cumulative Prospect Therory
De Giorgi, Enrico; Hens, Thorsten; Rieger, Marc Oliver - Institut für Schweizerisches Bankwesen <Zürich> - 2007
The paper shows that financial market equilibria need not exist if agents possess cumulative prospect theory preferences with piecewise-power value functions. The reason is an infiniteshort-selling problem. But even when a short-sell constraint is added, non-existence can occur due to...
Persistent link: https://www.econbiz.de/10005857777