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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

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

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

A model of price discrimination under loss aversion and state-contingent reference points

Carbajal, Juan Carlos; Ely, Jeffrey C. - In: Theoretical economics : TE ; an open access journal in … 11 (2016) 2, pp. 455-485

We study optimal price discrimination when a monopolist faces a continuum of consumers with reference-dependent preferences. A consumer's valuation for product quality consists of an intrinsic valuation affected by a private state signal (type), and a gain-loss valuation that depends on...

Persistent link: https://www.econbiz.de/10011672039

Contingent preference for flexibility : eliciting beliefs from behavior

Sadowski, Philipp - In: Theoretical economics : TE ; an open access journal in … 8 (2013) 2, pp. 503-534

Following Kreps (1979), I consider a decision maker who is uncertain about her future taste. This uncertainty leaves the decision maker with a preference for flexibility: When choosing among menus containing alternatives for future choice, she weakly prefers menus with additional alternatives....

Persistent link: https://www.econbiz.de/10011686674

First-order and second-order ambiguity aversion

Lang, Matthias - 2015

Different models of uncertainty aversion imply strikingly different economic behavior. The key to understanding these differences lies in the dichotomy between first-order and second-order ambiguity aversion which I define here. My definition and its characterization are independent of specific...

Persistent link: https://www.econbiz.de/10011349377

Ambiguous social choice functions

Demeze-Jouatsa, Ghislain-Herman - 2021 - This version: December 22, 2021

Call a mechanism that associates each profile of preferences over candidates to an ambiguous act an Ambiguous Social Function (ASCF). This paper studies the strategy-proofness of ASCFs. We find that an ASCF is unanimous and strategyproof if and only if there exists a nonempty subset of voters,...

Persistent link: https://www.econbiz.de/10012793453