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Agreeable trade with pessimism and optimism
Lefort, Jean-Philippe; Dominiak, Adam; Eichberger, Jürgen - Université Paris-Dauphine (Paris IX) - 2012
with multiple priors. Journal of Economic Theory 128, 299–305] to the case of non-convex Choquet preferences. We discuss …, H., 1990. Non-market reopening, time-consistent plans and the structure of intertemporal preferences. Economics Letters … 32, 1–5] we also elaborate the relevance of updating preferences upon arrival of public information for the potential of …
Persistent link: https://www.econbiz.de/10011072959
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Decision theory with a Hilbert space as possibility space
Eichberger, Jürgen; Pirner, Hans Jürgen - 2017
In this paper, we propose an interpretation of the Hilbert space method used in quantum theory in the context of decision making under uncertainty. For a clear comparison we will stay as close as possible to the framework of SEU suggested by Savage (1954). We will use the Ellsberg (1961) paradox...
Persistent link: https://www.econbiz.de/10011853162
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Neo-additive capacities and updating
Eichberger, Jürgen; Grant, Simon; Lefort, Jean-Philippe - Alfred-Weber-Institut für Sozial- und … - 2009
This paper shows that, for CEU preferences, the axioms consquentialism, state independenceand conditional certainty …
Persistent link: https://www.econbiz.de/10005868377
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Decision theory with a Hilbert space as possibility space
Eichberger, Jürgen; Pirner, Hans J. - 2017
In this paper, we propose an interpretation of the Hilbert space method used in quantum theory in the context of decision making under uncertainty. For a clear comparison we will stay as close as possible to the framework of SEU suggested by Savage (1954). We will use the Ellsberg (1961) paradox...
Persistent link: https://www.econbiz.de/10011745366
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Are the treasures of game theory ambiguous?
Eichberger, Jürgen; Kelsey, David - 2008 - This version: May 27, 2008
Goeree & Holt (2001) observe that, for some parameter values, Nash equilibrium provides good predictions for actual behaviour in experiments. For other payoff parameters, however, actual behaviour deviates consistently from that predicted by Nash equilibria. They attribute the robust deviations...
Persistent link: https://www.econbiz.de/10003747353
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Are the Treasures of Game Theory Ambiguous?
Eichberger, Jürgen; Kelsey, David - 2014
Goeree and Holt (2001) experimentally study a number of games. In each case they initially find strong support for Nash equilibrium, however by changing an apparently irrelevant parameter they find results which contradict Nash equilibrium. In this paper, we study the five normal form games from...
Persistent link: https://www.econbiz.de/10014145375
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Ambiguity, data and preferences for information – A case-based approach
Eichberger, Jürgen; Guerdjikova, Ani - In: Journal of Economic Theory 148 (2013) 4, pp. 1433-1462
We model decision making under ambiguity based on available data. Decision makers express preferences over actions and … data sets. We derive an α-max–min representation of preferences, in which beliefs combine objective characteristics of the …
Persistent link: https://www.econbiz.de/10011043018
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Generalized neo-additive capacities and updating
Eichberger, Jürgen; Grant, Simon; Lefort, Jean-Philippe - Université Paris-Dauphine (Paris IX) - 2012
This paper shows that, for CEU preferences, the axioms consquentialism, state independence and conditional certainty …
Persistent link: https://www.econbiz.de/10011071982
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Randomization and Dynamic Consistency
Eichberger, Jürgen; Grant, Simon; Kelsey, David - Business School, University of Exeter - 2014
Raiffa (1961) has suggested that ambiguity aversion will cause a strict preference for randomization. We show that dynamic consistency implies that individuals will be indifferent to ex ante randomizations. On the other hand, it is possible for a dynamically-consistent ambiguity averse...
Persistent link: https://www.econbiz.de/10010883466
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Case-Based Belief Formation under Ambiguity
Eichberger, Jürgen; Guerdjikova, Ani - 2010
In this paper, we consider a decision-maker who tries to learn the distribution of outcomes from previously observed cases. For each observed database of cases the decision-maker predicts a set of priors expressing his beliefs about the underlying probability distribution. We impose a version of...
Persistent link: https://www.econbiz.de/10010270218