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In classic game theory, agents use mixed strategies in the form of objective and probabilistically precise devices to conceal their actions. We introduce the larger set of probabilistically imprecise devices as strategies and study the consequences for the basic results of normal form games....
Persistent link: https://www.econbiz.de/10010342129
Peat is a fossil material and is since decades the major growing media constituent for horticulture in Europe. Because of its climate impacts, some European countries developed national strategies to reduce peat use. A coordinated European action would bring fairer and more effective impacts...
Persistent link: https://www.econbiz.de/10013186207
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ethical consumption markets -- The transcending power of goods: imaginative value in the economy -- II: Aesthetic markets …
Persistent link: https://www.econbiz.de/10009159517
In this paper, we attempt to show why the importance of relational goods compared to conventional goods and status … goods threatens to decline in contemporary societies. In our point of view, the development of the relative significance of … these three types of goods is not a consequence of preference changes but of significant alterations in the opportunity …
Persistent link: https://www.econbiz.de/10009356432
We propose and axiomatically characterize a representation of ambiguity sensitive preferences. The distinguishing feature of our axiomatization is that we do not require preferences to be event-wise separable over any domain of acts. Even without any such separability restrictions, we are able...
Persistent link: https://www.econbiz.de/10010491097
We analyze spectral risk measures with respect to comparative risk aversion following Arrow (1965) and Pratt (1964) on the one hand, and Ross (1981) on the other hand. The implications for two standard financial decision problems, namely the willingness to pay for insurance and portfolio...
Persistent link: https://www.econbiz.de/10010491150
Cerreia-Vioglio, Ghirardato, Maccheroni, Marinacci and Siniscalchi (Economic Theory, 48:341-375, 2011) have recently axiomatised preferences in the presence of ambiguity as Monotonic Bernoullian Archimedean (MBA) preferences. We investigate the problem of Arrovian aggregation of MBA preferences...
Persistent link: https://www.econbiz.de/10010338890
This paper argues that stress tests encompassing the entire banking sector (macro stress tests) can be designed to improve welfare. We develop a multi-receiver framework of Bayesian persuasion to show that a banking supervisor can create value when he commits to disclose the stress-testing...
Persistent link: https://www.econbiz.de/10010339955