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Symmetry axioms and perceived ambiguity
Klibanoff, Peter; Mukerji, Sujoy; Seo, Kyoungwon - 2017
between the set of relevant measures, shown by KMS [21] to reflect only perceived ambiguity, and the set of measures (which we … perceived ambiguity. Regarding symmetry assumptions, we show that, under relatively mild conditions, a variety of preference … stringent. Only when it is satisfied may the Bewley set be interpreted as reflecting only perceived ambiguity and not also taste …
Persistent link: https://www.econbiz.de/10011694779
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Foundations of ambiguity models under symmetry : α-MEU and smooth ambiguity
Klibanoff, Peter; Mukerji, Sujoy; Seo, Kyoungwon; … - 2021 - This Version: January 13, 2021
The α-MEU model and the smooth ambiguity model are two popular models in decision making under ambiguity. However, the …
Persistent link: https://www.econbiz.de/10012422419
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Random dual expected utility
Ma, Wei - In: Economic theory 75 (2023) 2, pp. 293-315
Persistent link: https://www.econbiz.de/10014226632
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Stochastic choice and preference reversals
Alós-Ferrer, Carlos; Buckenmaier, Johannes; Garagnani, … - 2020 - This version: December 7th, 2020
The preference reversal phenomenon is one of the most important, long-standing, and widespread anomalies contradicting economic models of decisions under risk. It describes the robust observation of frequent "standard reversals" where long-shot gambles are valued above moderate ones but then the...
Persistent link: https://www.econbiz.de/10012390055
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Risk Aversion and Social Networks
Kovarik, Jaromir; van der Leij, Marco J. - 2011
Agents involved in the formation of a social or economic network typically face uncertainty about the benefits of creating a link. However, the interplay of such uncertainty and risk attitudes has been neglected in the network formation literature. We propose a dynamic network formation model...
Persistent link: https://www.econbiz.de/10010325766
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Testing the reference-dependent model : a laboratory search experiment
Miura, Takahiro; Inukai, Keigo; Sasaki, Masaru - 2019
Our paper conducts laboratory experiments with the sequential search model to test whether participants engage in search activities in line with theoretical predictions derived from the expected utility model or the reference-dependent model, without assuming any specific formulation rule for a...
Persistent link: https://www.econbiz.de/10012019322
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Learning under ambiguity : a note on the belief dynamics of Epstein and Schneider (2007)
Heyen, Daniel - 2014
Epstein and Schneider (2007) develop a framework of learning under ambiguity, generalizing maxmin preferences of Gilboa …-post rejection of theories gives rise to choices that are in sharp contradiction with ambiguity aversion. Concrete, the intertemporal …
Persistent link: https://www.econbiz.de/10010424809
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A test of information aversion
Kops, Jan Christopher; Pasichnichenko, Illia - 2020
complement predictions from recent theoretical work in showing that negative value of information correlates with ambiguity …
Persistent link: https://www.econbiz.de/10012204037
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Anxiety, overconfidence, and excessive risk taking
Eisenbach, Thomas M.; Schmalz, Martin C. - 2015
We provide a preference-based rationale for endogenous overconfidence. Horizon-dependent risk aversion, combined with a possibility to forget, can generate overconfidence and excessive risk taking in equilibrium. An "anxiety prone" agent, who is more risk-averse to imminent than to distant...
Persistent link: https://www.econbiz.de/10010482950
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Risk aversion and social networks
Kovářík, Jaromír; Leij, Marco van der - 2011
Agents involved in the formation of a social or economic network typically face uncertainty about the benefits of creating a link. However, the interplay of such uncertainty and risk attitudes has been neglected in the network formation literature. We propose a dynamic network formation model...
Persistent link: https://www.econbiz.de/10011386449