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The Evolutionary Stability of Optimism, Pessimism and Complete Ignorance
Schipper, Burkhard C. - 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/10010333763
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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/10010352841
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Stochastic dominance with respect to a capacity and risk measures
Grigorova, Miryana - In: Statistics & Risk Modeling 31 (2014) 3-4, pp. 259-295
Abstract In our previous work, we have extended the classical notion of increasing convex stochastic dominance relation with respect to a probability to the more general case of a normalized monotone (but not necessarily additive) set function, also called a capacity. In the present paper, we...
Persistent link: https://www.econbiz.de/10014621227
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The Evolutionary Stability of Optimism, Pessimism and Complete Ignorance
Schipper, Burkhard C. - 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/10010276584
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A Unilateral Accident Model Under Ambiguity
Teitelbaum, Joshua C. - 2007
with a probability distribution. Consequently, they do not allow for Knightian uncertainty, or ambiguity, with respect to … accident risk and cannot accommodate optimism (ambiguity loving) or pessimism (ambiguity aversion). This paper presents a … unilateral accident model under ambiguity. To incorporate ambiguity, I adopt the Choquet expected utility framework and represent …
Persistent link: https://www.econbiz.de/10009466424
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On dynamic Knightian uncertainty models : time-consistency and optimal behavior
Bier, Monika - 2009
In the framework of Knightian uncertainty more precisely in the model introduced by Epstein and Schneider 3 different questions concerning the aspect of time-consistency, in the sense of m-stability or rectangularity, are studied.The first part describes an alternative description of...
Persistent link: https://www.econbiz.de/10009452489
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The Evolutionary Stability of Optimism, Pessimism, and Complete Ignorance
Schipper, Burkhard - 2019
We seek an evolutionary explanation for why in some situations humans maintain either optimistic or pessimistic attitudes towards uncertainty and are ignorant to relevant aspects of their environment. Players in strategic games face Knightian uncertainty about opponents' actions and maximize...
Persistent link: https://www.econbiz.de/10012655881
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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/10014469382
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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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Minimax regret discounting
Iverson, Terrence - In: Journal of environmental economics and management : … 66 (2013) 3, pp. 598-608
Persistent link: https://www.econbiz.de/10010359684