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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
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Inferring preferences from choices under uncertainty
Kuzmics, Christoph - 2012
If a decision maker, in a world of uncertainty à la Anscombe and Aumann (1963), can choose acts according to some objective probability distribution (by throwing dice for instance) from any given set of acts, then there is no set of acts that allows an experimenter to test more than the Axiom...
Persistent link: https://www.econbiz.de/10010319975
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The evolutionary stability of optimism, pessimism and complete ignorance
Schipper, Burkhard - 2005
We provide an evolutionary foundation to evidence that in some situations humans maintain optimistic or pessimistic attitudes towards uncertainty and are ignorant to relevant aspects of the environment. Players in strategic games face Knightian uncertainty about opponents' actions and maximize...
Persistent link: https://www.econbiz.de/10010366542
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Aggregation of Monotonic Bernoullian Archimedean preferences : Arrovian impossibility results
Herzberg, Frederik - 2013
proposed a very general axiomatisation of preferences in the presence of ambiguity, viz. Monotonic Bernoullian Archimedean (MBA …
Persistent link: https://www.econbiz.de/10010187944
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Ordering ambiguous acts
Jewitt, Ian; Mukerji, Sujoy - 2017
ambiguity averse relation. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act … makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more … ambiguous (II) act adversely affects a more ambiguity averse DM more, as measured by the compensation they require to switch …
Persistent link: https://www.econbiz.de/10011694759
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The evolutionary stability of optimism, pessimism, and complete ignorance
Schipper, Burkhard - 2019
We provide an evolutionary foundation to evidence that in some situations humans maintain either optimistic or pessimistic attitudes towards uncertainty and are ignorant to relevant aspects of the environment. Players in strategic games face Knightian uncertainty about opponents' actions and...
Persistent link: https://www.econbiz.de/10012101422
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Navigating ambiguity : imprecise probabilities and the updating of disease risk beliefs
Kerwin, Jason; Pandey, Divya - 2023
Probabilistic risk beliefs are key drivers of economic and health decisions, but people are not always certain about their beliefs. We study these "imprecise probabilities", also known as ambiguous beliefs. We show that imprecision is measurable separately from the levels of risk beliefs. People...
Persistent link: https://www.econbiz.de/10014390526
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Variational Bewley preferences
Faro, José Heleno - In: Journal of economic theory 157 (2015), pp. 699-729
Persistent link: https://www.econbiz.de/10011525334
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Cost-efficient contingent claims with market frictions
Ghossoub, Mario - In: Mathematics and financial economics 10 (2016) 1, pp. 87-111
Persistent link: https://www.econbiz.de/10011446032
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Independence and variatonal Bewley preferences : a note
Bastianello, Lorenzo; Faro, José Heleno; Teles, Flávia - In: Revue économique : revue bimestrielle 71 (2020) 2, pp. 337-347
Persistent link: https://www.econbiz.de/10012582461