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Agent-based modeling for decision making in economics under uncertainty

Vermeulen, Ben; Pyka, Andreas - 2015

Ever since the emergence of economics as a distinct scientific discipline, policy makers have turned to economic models to guide policy interventions. If policy makers seek to enhance growth of an open capitalist economy, they have to take into account, firstly, the uncertainties,...

Persistent link: https://www.econbiz.de/10011281255

Agent-based modeling for decision making in economics under uncertainty

Vermeulen, Ben; Pyka, Andreas - 2016

Persistent link: https://www.econbiz.de/10011422415

Innovation under Ambiguity and Risk

Coiculescu, Gabriela; Izhakian, Yehuda (Yud); Ravid, S. … - 2021

We view innovation investment as a real option and explore the implications of ambiguity (Knightian uncertainty) and …

Persistent link: https://www.econbiz.de/10013217074

Climate Change and the Irreversibility Effect - Combining Expected Utility and Maximin

Lange, Andreas - 2014

This paper analyzes decisions on emissions of a stock pollutant under uncertainty in a two period model. Decisions are …

Persistent link: https://www.econbiz.de/10014113350

Optimality in a Stochastic OLG Model with Ambiguity

Ohtaki, Eisei - 2014

It has been known that, in the overlapping generations (OLG) model with the complete market, we can judge optimality of an equilibrium allocation by examining the associated equilibrium price. This article reexamine this observation in a stochastic OLG model with the maxmin expected utility...

Persistent link: https://www.econbiz.de/10013061059

Incomplete Incentive Contracts Under Ambiguity and Complexity

Sommer, Svenja C.; Loch, Christoph H. - 2013

Many novel projects are characterized by ambiguity (impossibility to recognize all influence variables and to foresee all possible events) and complexity (interaction of many performance influence variables, making the overall performance difficult to estimate). Two fundamental approaches to...

Persistent link: https://www.econbiz.de/10014075158

Prediction Machines, Insurance, and Protection : An Alternative Perspective on AI's Role in Production

Agrawal, Ajay; Gans, Joshua; Goldfarb, Avi - National Bureau of Economic Research - 2022

designed to address uncertainty. In particular, many processes are designed to enable coordinated decision-making among …

Persistent link: https://www.econbiz.de/10013334395

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

Public-good provision with macro uncertainty about preferences : efficiency, budget balance, and robustness

Hellwig, Martin - 2021

The paper studies efficient public-good provision in a model with private values whose distribution depends on a macro shock; conditionally on this shock, values are independent and identically distributed. A generalization of the Bayesian mechanism of d'Aspremont and Gérard-Varet is shown to...

Persistent link: https://www.econbiz.de/10012657865

On measuring uncertainty : snakes and ladders

Junankar, Pramod N. - 2016

surge in the stock market would be self-correcting. Recent papers have discussed the role of "uncertainty" and its … measurement in influencing economic decisions. They attempt to measure uncertainty by indexes of volatility of the stock market …, GDP, forecaster disagreement, mentions of uncertainty in news media, and the dispersion of productivity shocks to firms …

Persistent link: https://www.econbiz.de/10011543578

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