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Grant, Simon - 2018

, complete lack of information regarding the underlying data generating process is expressed as a (maximal) family of priors …. These priors yield posterior inferences that become more precise as more information becomes available. As information …

Persistent link: https://www.econbiz.de/10012928769

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 equivalent consistency under updating characterise a family of capacities,called Genralised Neo-Additive Capacities (GNAC). This family contains as special casesamong others...

Persistent link: https://www.econbiz.de/10005868377

Choice under Uncertainty with the Best and Worstin Mind: Neo-additive Capacities

Chateauneuf, Alain; Eichberger, Jürgen; Grant, Simon - Alfred-Weber-Institut für Sozial- und … - 2002

The concept of a non-extreme-outcome-additive capacity (neo-additive capacity ) is introduced.Neo-additive capacitiesmodel optimistic and pessimistic attitudes towards uncertaintyas observed in many experimental studies. Moreover, neo-additive capacities canbe applied easily in economic...

Persistent link: https://www.econbiz.de/10005868474

Choice under uncertainty with the best and worst in mind: Neo-additive capacities

Chateauneuf, Alain; Eichberger, Jürgen; Grant, Simon - 2003

The concept of a non-extreme-outcome-additive capacity (neo-additive capacity ) is introduced. Neo-additive capacities model optimistic and pessimistic attitudes towards uncertainty as observed in many experimental studies. Moreover, neo-additive capacities can be applied easily in economic...

Persistent link: https://www.econbiz.de/10011422102

Neo-additive capacities and updating

Eichberger, Jürgen; Grant, Simon; Lefort, Jean-Philippe - 2009

This paper shows that, for CEU preferences, the axioms consquentialism, state independence and conditional certainty equivalent consistency under updating characterise a family of capacities, called Genralised Neo-Additive Capacities (GNAC). This family contains as special cases among others...

Persistent link: https://www.econbiz.de/10011422288

Savage games

Grant, Simon; Meneghel, Idione; Tourky, Rabee - In: Theoretical Economics 11 (2016) 2, pp. 641-682

We define and discuss Savage games, which are ordinal games of incomplete information set in L. J. Savage's framework … free of priors, probabilities and payoffs. Players' information and subjective attitudes toward uncertainty are encoded in …

Persistent link: https://www.econbiz.de/10011599580

When is ambiguity-attitude constant?

Eichberger, Jürgen; Grant, Simon; Kelsey, David - 2012

This paper studies how updating affects ambiguity-attitude. In particular we focus on the generalized Bayesian update of the Jaffray-Phillipe sub-class of Choquet Expected Utility preferences. We find conditions for ambiguity-attitude to be the same before and after updating. A necessary and...

Persistent link: https://www.econbiz.de/10010281800

Probabilistic Sophistication and Stochastic Monotonicity in the Savage Framework

Grant, Simon; Ozsoy, Hatice; Polak, Ben - Cowles Foundation for Research in Economics, Yale University - 2007

Machina & Schmeidler (1992) show that probabilistic sophistication can be obtained in a Savage setting without imposing expected utility by dropping Savage's axiom P2 (sure-thing principle) and strengthening his axiom P4 (weak comparative probability). Their stronger axiom, however, embodies a...

Persistent link: https://www.econbiz.de/10005464036

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

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 equivalent consistency under updating characterise a family of capacities, called Genralised Neo-Additive Capacities (GNAC). This family contains as special cases among others...

Persistent link: https://www.econbiz.de/10011071982