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Eliciting Ambiguous Beliefs Under Alpha-Maxmin Preference

Bose, Subir - 2017

We study the problem of elicitation of subjective beliefs of an agent when the beliefs are ambiguous (the set of beliefs is a non-singleton set) and the agent's preference exhibits ambiguity aversion; in particular, as represented by alpha-maxmin preferences. We construct a direct revelation...

Persistent link: https://www.econbiz.de/10012969749

Subjective expected utility in games

Di Tillio, Alfredo - In: Theoretical economics : TE ; an open access journal in … 3 (2008) 3, pp. 287-323

This paper extends Savage's subjective approach to probability and utility from decision problems under exogenous uncertainty to choice in strategic environments. Interactive uncertainty is modeled both explicitly, using hierarchies of preference relations, the analogue of beliefs hierarchies,...

Persistent link: https://www.econbiz.de/10011700273

Competitive politics, simplified heuristics, and preferences for public goods

Schläpfer, Felix; Schmitt, Marcel; Roschewitz, Anna - 2007

was decreased by forty percent relative to the control. (3) The party information significantly affected the choices … information interacted with educational level in only eight out of forty choice sets, suggesting that even the more educated … two to ten relative to the control. These findings suggest that the party information helped the respondents to articulate …

Persistent link: https://www.econbiz.de/10010315585

Cardinal Representations of Information

Mensch, Jeffrey - 2019

In the spirit of von Neumann and Morgenstern (1947), this paper provides an axiomatic representation of information … Blackwell informativeness axiom, I show that any ordering over information can be essentially uniquely represented as …, equivalently: (a) a strictly increasing cost of information acquisition; (b) for a given prior, the expected utility from a …

Persistent link: https://www.econbiz.de/10012899700

Information, evolution and utility

Samuelson, Larry; Swinkels, Jeroen M. - In: Theoretical economics : TE ; an open access journal in … 1 (2006) 1, pp. 119-142

Human utility embodies a number of seemingly irrational aspects. The leading example in this paper is that utilities often depend on the presence of salient unchosen alternatives. Our focus is to understand <i>why</i> an evolutionary process might optimally lead to such seemingly dysfunctional features...

Persistent link: https://www.econbiz.de/10011704445

Preference-Based Unawareness

Schipper, Burkhard - 2013

Morris (1996, 1997) introduced preference-based definitions of knowledge and belief in standard state-space structures. This paper extends this preference-based approach to unawareness structures (Heifetz, Meier, and Schipper, 2006, 2008). By defining unawareness and knowledge in terms of...

Persistent link: https://www.econbiz.de/10013093614

Perceived ability and school choices

Bobba, Matteo; Frisancho Robles, Verónica - 2016

Persistent link: https://www.econbiz.de/10012216937

Preference for knowledge

Rommeswinkel, Hendrik; Chang, Hung-Chi; Hsu, Wen-Tai - In: Journal of economic theory 214 (2023), pp. 1-38

Persistent link: https://www.econbiz.de/10014540689

Partition Obvious Preference and Mistrust in Mechanism Design : Theory and Experiment

Zhang, Luyao - 2019

Substantial evidence in field, lab and thought experiments in multiple disciplines, shows that decision makers often choose a dominated strategy, which contradicts with current economic theory. To bridge this gap between theory and evidence, first, we propose two alternative axiomatic...

Persistent link: https://www.econbiz.de/10012902209

Silence is Safest : Non-Disclosure When the Audience's Preferences are Uncertain

Bond, Philip - 2019

We examine voluntary disclosure when the firm (“sender”) is risk-averse and uncertain about audience preferences. We show that some firms stay silent in equilibrium, in contrast to classic “unravelling” results. Silence reduces the sensitivity of a firm's payoff to audiences'...

Persistent link: https://www.econbiz.de/10012900001