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Aggregation of multiple prior opinions.
Crès, Hervé; Gilboa, Itzhak; Vieille, Nicolas - Sciences Po - 2011
Experts are asked to provide their advice in a situation of uncertainty. They adopt the decision maker’s utility function, but each has a potentially different set of prior probabilities, and so does the decision maker. The decision maker and the experts maximize the minimal expected utility...
Persistent link: https://www.econbiz.de/10009493496
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Aggregation of multiple prior opinions
Gilboa,, Itzhak; Vieille, Nicolas; Crès, Hervé - Department of Economics, Sciences économiques - 2011
Experts are asked to provide their advice in a situation of uncertainty. They adopt the decision maker’s utility function, but each has a potentially different set of prior probabilities, and so does the decision maker. The decision maker and the experts maximize the minimal expected utility...
Persistent link: https://www.econbiz.de/10010756389
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Aggregation of multiple prior opinions
Crès, Hervé; Gilboa, Itzhak; Vieille, Nicolas - In: Journal of Economic Theory 146 (2011) 6, pp. 2563-2582
Experts are asked to provide their advice in a situation of uncertainty. They adopt the decision makerʼs utility function, but each has a potentially different set of prior probabilities, and so does the decision maker. The decision maker and the experts maximize the minimal expected utility...
Persistent link: https://www.econbiz.de/10011042915
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Sharing risk and ambiguity
Rigotti, Luca; Shannon, Chris - In: Journal of Economic Theory 147 (2012) 5, pp. 2028-2039
We study the market implications of ambiguity in common models. We show that generic determinacy is a robust feature in … general equilibrium models that allow a distinction between ambiguity and risk. …
Persistent link: https://www.econbiz.de/10010594326
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Experimental Evidence on Valuation and Learning with Multiple Priors
Qiu, Jianying; Weitzel, Utz - Volkswirtschaftliche Fakultät, … - 2013
Abstract Popular models for decision making under ambiguity assume that people use not one but multiple priors. This …. This holds under ambiguity, but not in a comparison treatment under risk. …
Persistent link: https://www.econbiz.de/10011258993
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Aggregation under homogeneous ambiguity: a two-fund separation result
Wakai, Katsutoshi - In: Economic Theory 30 (2007) 2, pp. 363-372
Persistent link: https://www.econbiz.de/10005371128
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A Theory of Rational Choice under Ignorance
Nehring, Klaus - In: Theory and Decision 48 (2000) 3, pp. 205-240
Persistent link: https://www.econbiz.de/10009401899
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The Avian Flu Disease: A Case of Precautionary Failure
Basili, Marcello; Franzini, Mauriziop - Dipartimento di Economia Politica e Statistics, … - 2005
The Precautionary Principle has been proposed as the proper behaviour to adopt in the face of the new catastrophic risks that have made their appearance in the last decades. We advance a workable definition of the Precautionary Principle and apply it to the possible outbreak among humans of the...
Persistent link: https://www.econbiz.de/10005824316
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Ambiguity and macroeconomics:a rationale for price stickiness
Basili, Marcello; Mura, Stefano Dalle - Dipartimento di Economia Politica e Statistics, … - 2004
nominal shocks. The setting of analysis is a general equilibrium model with both ambiguity and rational expectations …. Ambiguity and macroeconomics are linked exploiting a micro-founded framework. Ambiguity concerns the lack of knowledge of firms … consumers in the economy. Ambiguity is represented through a multiple priors approach. It is shown that price stickiness can …
Persistent link: https://www.econbiz.de/10005766475
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Ambiguous Money Distribution And The Price Stickiness Phenomenon: A Rationale From An Ambiguous Rational Expectations Approach
Basili, Marcello; Mura, Stefano Dalle - Dipartimento di Politica Economica, Finanza e Sviluppo … - 2008
This paper shows that ambiguity – as opposed to risk – may lead to sticky prices even with fully rational agents …. Attitude towards ambiguity is assumed, as supported by theoretical literature and experimental evidence, to be asymmetric in … the form of ambiguity aversion towards uncertain gains and ambiguity seeking towards losses. In this setting that price …
Persistent link: https://www.econbiz.de/10005766567