We focus on a class of Multiple Prior Models. Those characterized by nonatomic countably additive priors. Preferences generating such representations have been recently axiomatized in [17]. We argue that this is the proper setting for comparing the notions of unambiguous event given by Epstein...

Empirical evidence suggests that ambiguity is prevalent in insurance pricing and underwriting, and that often insurers tend to exhibit more ambiguity than the insured individuals (e.g., Hogarth and Kunreuther (1989)). Motivated by these findings, we consider a problem of demand for insurance...

For (S, Σ) a measurable space, let <InlineEquation ID="IEq1"> <EquationSource Format="TEX">$${\cal C}_1$$</EquationSource> </InlineEquation> and <InlineEquation ID="IEq2"> <EquationSource Format="TEX">$${\cal C}_2$$</EquationSource> </InlineEquation> be convex, weak<Superscript>*</Superscript> closed sets of probability measures on Σ. We show that if <InlineEquation ID="IEq3"> <EquationSource Format="TEX">$${\cal C}_1$$</EquationSource> </InlineEquation> ∪ <InlineEquation ID="IEq4"> <EquationSource Format="TEX">$${\cal C}_2$$</EquationSource> </InlineEquation> satisfies the Lyapunov property , then there exists a set A ∈ Σ such that min<Subscript>μ1</Subscript>∈<InlineEquation ID="IEq5"> <EquationSource...</equationsource></inlineequation></subscript></equationsource></inlineequation></equationsource></inlineequation></superscript></equationsource></inlineequation></equationsource></inlineequation>

We study the equivalence between the MB-set and the core in the general context of games with a measurable space of players. In the first part of the paper, we study the problem without imposing any restriction on the class of games we consider. In the second part, we apply our findings to...

In repeated games with public monitoring, the consideration of behavior strategies makes relevant the distinction between public and private strategies. Recently, Kandori and Obara [6] and Mailath, Matthews and Sekiguchi [8] have provided examples of games with equilibrium payoffs in private...

The paper provides a notion of measurability which is suited for a class of Multiple Prior Models. Those characterized by nonatomic countably additive priors. Preferences generating such representations have been recently axiomatized in [12]. A notable feature of our definition of measurability...

We study an axiomatic model of preferences, which contains as special cases Subjective Expected Utility, Choquet Expected Utility, Maxmin and Maxmax Expected Utility and many other models. First, we give a complete characterization of the class of functionals representing these preferences....

Cr¨¦mer and McLean [1] and McAfee and Reny [3] showed that, in "nearly all auctions", the seller can offer a mechanism that obtains full rent extraction. The mechanism designed by Cr¨¦mer and McLean differs from standard procedures in several respects. Notably, (a) bidders are required to...