Narrow search
Showing 1 - 10 of 2,194
Cover Image
Revealed Incomplete Preferences under Uncertainty
Cettolin, Elena; Riedl, Arno - 2015
The completeness axiom of choice has been questioned for long, and in response, theoretical models of decision making allowing for incomplete preferences have been developed. So far the theoretical accomplishments have however not been paired with empirical evidence on the actual existence of...
Persistent link: https://www.econbiz.de/10010531832
Cover Image
Dynamic objective and subjective rationality
José Faro, Heleno; Lefort, Jean-Philippe - In: Theoretical Economics 14 (2019) 1, pp. 1-14
We characterize prior-by-prior Bayesian updating using a model proposed by Gilboa, Maccheroni, Marinacci and Schmeidler (2010) that jointly considers objective and subjective rationality. These rationality concepts are subject to the Bewley unanimity rule and maxmin expected utility,...
Persistent link: https://www.econbiz.de/10012215287
Cover Image
Premium price for natural preservatives in wine: A discrete choice experiment
Chikumbi, Lydia; Ščasný, Milan; Muchapondwa, Edwin; … - In: Wine Economics and Policy 10 (2021) 1, pp. 101-118
The South African wine industry has recently launched the world's first 'no sulphite added' wine made from indigenous Rooibos & Honeybush toasted wood chips. This wood chip contains antioxidant properties known to protect wine from oxidation. On the other hand, SO2 as a preservative, is often...
Persistent link: https://www.econbiz.de/10014485170
Cover Image
Nested identification of subjective probabilities
Dreze, Jacques H. - In: SERIEs - Journal of the Spanish Economic Association 3 (2012) 1/2, pp. 259-271
The theory of games against nature relies on complete preferences among all conceivable acts (case 1). Aumann and Drèze (Am Econ J Microecon 1(1):116,(2009) consider situations where preferences are defined only for a given set of acts (case 2).We extend these results to situations where (i)...
Persistent link: https://www.econbiz.de/10010317103
Cover Image
Rationalizing Boundedly Rational Choice : Sequential Rationalizability and Rational Shortlist Methods
Manzini, Paola; Mariotti, Marco - 2004
A sequentially rationalizable choice function is a choice function which can be obtained by applying sequentially a fixed set of asymmetric binary relations (rationales). A Rational ShortlistMethod (RSM) is a choice function which is sequentially rationalizable by two rationales. These concepts...
Persistent link: https://www.econbiz.de/10010261993
Cover Image
Intertemporal equilibria with knightian uncertainty
Dana, Rose-Anne; Riedel, Frank - 2010
We study a dynamic and infinite-dimensional model with Knightian uncertainty modeled by incomplete multiple prior preferences. In interior efficient allocations, agents share a common risk-adjusted prior and use the same subjective interest rate. Interior efficient allocations and equilibria...
Persistent link: https://www.econbiz.de/10010272617
Cover Image
Deriving belief operators from preferences
Asheim, Geir B. - 2000
A belief operator derived from preferences is presented. It generalizes ‘belief with probability1’ to incomplete preferences and satisfies minimal requirements for belief operators under weak conditions.
Persistent link: https://www.econbiz.de/10010284299
Cover Image
Eliciting risk preferences: Text vs. graphical multiple price lists
Habib, Sameh; Friedman, Daniel; Crockett, Sean; James, … - 2015
We introduce new graphical displays that present binary choice lotteries via three dimensional rotating pie charts whose heights represent the prize amounts. We compare four graphical versions to the original text-only Holt & Laury (2002) multiple price list. Parametric and non-parametric...
Persistent link: https://www.econbiz.de/10011390744
Cover Image
Varieties of risk elicitation
Friedman, Daniel; Habib, Sameh; James, Duncan; … - 2018
We explore a variety of risk preference elicitation procedures that involve direct choice from a set of lotteries …) and also across elicitation tasks (inconsistent with direct implementation of EUH). An alternative nonparametric measure … each elicitation task. Each separate measure varies widely across individual subjects and across elicitation tasks, with …
Persistent link: https://www.econbiz.de/10012013808
Cover Image
Varieties of risk elicitation
Friedman, Daniel; Habib, Sameh; James, Duncan; … - 2018
We explore a variety of risk preference elicitation procedures that involve direct choice from a set of lotteries …) and also across elicitation tasks (inconsistent with direct implementation of EUH). An alternative nonparametric measure … each elicitation task. Each separate measure varies widely across individual subjects and across elicitation tasks, with …
Persistent link: https://www.econbiz.de/10011797106