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, with either a negative externality on a third participant, uncertainty about gains from cooperation, or both. Uncertainty … foster cooperation. If we combine both qualifications and do not control for beliefs, we only find an uncertainty effect. If …
Persistent link: https://www.econbiz.de/10010281843
In a model of competing managerial .rms I show that the equilibrium number of firms decreases with uncertainty if entry …
Persistent link: https://www.econbiz.de/10008536096
Persistent link: https://www.econbiz.de/10011092917
Two-stage game models of information acquisition in stochastic oligopolies require the unrealistic assumption that firms observe the precision of information chosen by their competitors before determining quantities. This paper analyzes secret information acquisition as a one-stage game....
Persistent link: https://www.econbiz.de/10005827492
We present a definition of increasing uncertainty, in which an elementary increase in the uncertainty of any act … rise to a dual definition of comparative aversion to uncertainty. We characterize this definition for a popular class of … generalized models of choice under uncertainty. …
Persistent link: https://www.econbiz.de/10008599185
Existing equilibrium concepts for games make use of the subjective expected utility model axiomatized by Savage (1954) to represent players' preferences. Accordingly, each player's beliefs about the strategies played by opponents are represented by a probability measure. Motivated by...
Persistent link: https://www.econbiz.de/10005771707
This paper develops a simple model of public bads where players have heterogeneous beliefs about the consequence of their collective action. Properties of equilibrium and its relation to beliefs and preference are examined, followed by a detailed investigation of the impacts of new information....
Persistent link: https://www.econbiz.de/10010764316
Na and Shin (1998) showed that the veil of uncertainty can be conducive to the success of self-enforcing international … uncertainty about the environmental impact of emissions and the cost of reducing them, the result is intriguing. The purpose of … different scenarios of uncertainty dissipation. Second, we test whether the result also holds if there is uncertainty about …
Persistent link: https://www.econbiz.de/10008764099
Na and Shin (1998) showed that the veil of uncertainty can be conducive to the success of self-enforcing international … research efforts worldwide to reduce uncertainty about the environmental impact of emissions and the cost of reducing them … but also partial learning. Second, we test whether the conclusion also holds if there is uncertainty about abatement costs …
Persistent link: https://www.econbiz.de/10008852490
We present a definition of increasing uncertainty, independent of any notion of subjective probabilities, or of any … particular model of preferences.Our notion of an elementary increase in the uncertainty of any act corresponds to the addition of … dual definition of comparative aversion to uncertainty.We characterize this definition for a popular class of generalized …
Persistent link: https://www.econbiz.de/10011090841