. These rules apply to the preferences with multiple priors of Gilboa and Schmeidler (1989), and are the first, for any model … of preferences over acts, to be able to reconcile typical behavior in the face of ambiguity (as exemplified by Ellsberg … set of priors, where the specific subset depends on the preferences, the conditioning event, and the choice problem (i …

Preferences over risky alternatives can be elicited by different methods, including direct pairwise choices and …

valuation of gains and losses, intransitivity of preferences, profit puzzle as well as the St. Petersburg paradox. …

rate of the GNP per head affects this rate. Under various conditions on preferences, as positive prudence, decreasing …

preferences. In interior efficient allocations, agents share a common risk-adjusted prior and use the same subjective interest … economy with variational preferences anchored at the initial endowments. A case study in an economy without aggregate …-Schmeidler's max-min preferences would fully insure risk and uncertainty. …

preferences. In interior efficient allocations, agents share a common risk-adjusted prior and use the same subjective interest … economy with variational preferences anchored at the initial endowments. A case study in an economy without aggregate …-Schmeidler's max-min preferences would fully insure risk and uncertainty. -- Knightian Uncertainty ; Ambiguity ; Incomplete Preferences …