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A non-Bayesian theory of state-dependent utility
Hill, Brian - 2018
of beliefs (or ambiguity), imprecision of tastes (or multi-utility), and state dependence of utility. Examples include … phenomena, as well as state-dependent multi-utility generalisations of popular ambiguity models …Many decision situations involve two or more of the following divergences from subjective expected utility: imprecision …
Persistent link: https://www.econbiz.de/10012120578
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A Surprising Equivalence between Consolation of Philosophy and Methodology for Societal Complexity
Bulz, Nicolae - 2013
There is the possibility to affirm on a very surprising (methodological) equivalence, beyond a historian space-time, between two important attempts toward the forever difficult "problem solving": I: Consolation of Philosophy, by Roman philosopher and mathematician Boetius (ca. 480–524 or 525),...
Persistent link: https://www.econbiz.de/10014160358
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Neo-additive capacities and updating
Eichberger, Jürgen; Grant, Simon; Lefort, Jean-Philippe - 2009 - This version: October 19, 2009
This paper shows that, for CEU preferences, the axioms consquentialism, state independence and conditional certainty equivalent consistency under updating characterise a family of capacities, called Genralised Neo-Additive Capacities (GNAC). This family contains as special cases among others...
Persistent link: https://www.econbiz.de/10003893438
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Ambiguity and social interaction
Eichberger, Jürgen; Kelsey, David; Schipper, Burkhard - 2007
We present a non-technical account of ambiguity in strategic games and show how it may be applied to economics and … social sciences. Optimistic and pessimistic responses to ambiguity are formally modelled. We show that pessimism has the … ambiguity on peace-making are examined. It is shown that ambiguity may select equilibria in coordination games with multiple …
Persistent link: https://www.econbiz.de/10003592769
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Ambiguity
Eichberger, Jürgen - 2007 - This version: July 2, 2007
Ambiguity refers to a decision situation under uncertainty when there is incomplete information about the likelihood of … ambiguity and ambiguity aversion. …
Persistent link: https://www.econbiz.de/10003592835
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Quality ambiguity and the market mechanism for credence goods
Benner, Dietrich (contributor) - 2004
post -. Trust has to replace own examination and verification. Applying Choquet-Expected Utility theory, a general model of … uncertainty on the ?market for lemons? of Akerlof (1970) to ?quality ambiguity? with credence goods. The model shows the market …
Persistent link: https://www.econbiz.de/10011342061
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Social anchor effects in decision-making under ambiguity
Lahno, Amrei M. - 2014
I experimentally examine whether feedback about others' choices provides an anchor for decision-making under ambiguity … relative ambiguity attitude (compared to the peer's) significantly matters for shifts in individual attitudes, and that … dynamics considerably differ between gain and loss domains. For gains, learning to be comparably ambiguity averse increases the …
Persistent link: https://www.econbiz.de/10010364762
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Measuring ambiguity aversion : a systematic experimental approach
Krahnen, Jan Pieter; Ockenfels, Peter; Wilde, Christian - 2014
parameter in a generalized utility function. We find that ambiguity aversion varies across individuals, and with the level of … theoretical work on ambiguity builds on maxmin expected utility, our results provide evidence that MEU does not adequately capture …This paper provides a systematic analysis of individual attitudes towards ambiguity, based on laboratory experiments …
Persistent link: https://www.econbiz.de/10010365123
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The evolutionary stability of optimism, pessimism and complete ignorance
Schipper, Burkhard - 2005
uncertainty about opponents' actions and maximize individually their Choquet expected utility. Our Choquet expected utility model …
Persistent link: https://www.econbiz.de/10010366542
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Ambiguity and social interaction
Eichberger, Jürgen; Kelsey, David; Schipper, Burkhard - 2005
We present a non-technical account of ambiguity in strategic games and show how it may be applied to economics and … social sciences. Optimistic and pessimistic responses to ambiguity are formally modelled. We show that pessimism has the … ambiguity on peace-making are examined. It is shown that ambiguity may select equilibria in coordination games with multiple …
Persistent link: https://www.econbiz.de/10010371082