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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

Quality ambiguity and the market mechanism for credence goods

Benner, Dietrich (contributor) - 2004

uncertainty on the ?market for lemons? of Akerlof (1970) to ?quality ambiguity? with credence goods. The model shows the market …

Persistent link: https://www.econbiz.de/10011342061

Robust contracting under common value uncertainty

Auster, Sarah - In: Theoretical economics : TE ; an open access journal in … 13 (2018) 1, pp. 175-204

A buyer makes an offer to a privately informed seller for a good of uncertain quality. Quality determines both the seller's valuation and the buyer's valuation, and the buyer evaluates each contract according to its worst-case performance over a set of probability distributions. This paper...

Persistent link: https://www.econbiz.de/10011855861

Learning and collusion in new markets with uncertain entry costs

Bloch, Francis; Fabrizi, Simona; Lippert, Steffen - 2011

This paper analyses an entry timing game with uncertain entry costs. Two firms receive costless signals about the cost of a new project and decide when to invest. We characterize the equilibrium of the investment timing game with private and public signals. We show that competition leads the two...

Persistent link: https://www.econbiz.de/10009409636

A model of reference-dependent belief updating

Maier, Johannes K.; König, Clemens - 2016

We propose a model of instrumental belief choice under loss aversion. When new information arrives, an agent is prompted to abandon her prior. However, potential posteriors may induce her to take actions that generate a lower utility in some states than actions induced by her prior. These losses...

Persistent link: https://www.econbiz.de/10011557745

Confidence as a source of deferral

Hill, Brian - 2014

One apparent reason for deferring a decision – abstaining from choosing, leaving the decision open to be taken by someone else, one’s later self, or nature – is for lack of sufficient confidence in the relevant beliefs. This paper develops an axiomatic theory of decision in situations...

Persistent link: https://www.econbiz.de/10010501389

Homotopies on Preferences Under Asymmetric Information

Di Caprio, Debora - 2012

The present paper provides a strategic dynamic analysis of a theoretical scenario where verifiable information is transmitted between an informed sender and an uninformed but rational decision maker in a multidimensional space. The information provided by the sender is assumed to be encoded in...

Persistent link: https://www.econbiz.de/10013101211

Why Uninformed Agents (Pretend to) Know More

Schanbacher, Peter - 2013

Many social interactions (examples are market overreactions, high rates of acquisitions, strikes, wars) are the result of agents' overconfidence. Agents are in particular overconfident for difficult tasks. This paper analyzes overconfidence in the context of a statistical estimation problem. We...

Persistent link: https://www.econbiz.de/10013090736

Robust Persuasion of a Privately Informed Receiver

Hu, Ju - 2018

knowledge about the receiver's private information. The sender is ambiguity averse and has a maxmin expected utility function …. We show that when the sender faces full ambiguity, i.e., the sender has no knowledge about the receiver's private … information, full information disclosure is optimal; when the sender faces local ambiguity, i.e., the sender thinks the receiver …

Persistent link: https://www.econbiz.de/10012925918

Dynamic Random Utility

Frick, Mira - 2017

Under dynamic random utility, an agent (or population of agents) solves a dynamic decision problem subject to evolving private information. We analyze the fully general and non-parametric model, axiomatically characterizing the implied dynamic stochastic choice behavior. A key new feature...

Persistent link: https://www.econbiz.de/10012953649

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