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Ambiguity and ambiguity aversion
Machina, Mark J.; Siniscalchi, Marciano - 2014
Persistent link: https://www.econbiz.de/10010366822
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Chapter 13. Ambiguity and Ambiguity Aversion
Machina, Mark J.; Siniscalchi, Marciano - In: Handbook of the economics of risk and uncertainty : volume 1, (pp. 729-807). 2014
The phenomena of ambiguity and ambiguity aversion , introduced in Daniel Ellsberg’s seminal 1961 article, are … analytical descriptions of the numerous (primarily axiomatic) models of ambiguity aversion which have been developed by economic … theorists, and concludes with a discussion of some current theoretical topics and newer examples of ambiguity aversion. …
Persistent link: https://www.econbiz.de/10014025519
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Subjective expected utility in games
Di Tillio, Alfredo - In: Theoretical Economics 3 (2008) 3, pp. 287-323
This paper extends Savage's subjective approach to probability and utility from decision problems under exogenous uncertainty to choice in strategic environments. Interactive uncertainty is modeled both explicitly, using hierarchies of preference relations, the analogue of beliefs hierarchies,...
Persistent link: https://www.econbiz.de/10011599405
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Subjective expected utility with state-dependent but action/observation-independent preferences
Drèze, Jacques H. - In: Risks 6 (2018) 2, pp. 1-9
Under state-dependent preferences, probabilities and units of scale of state-dependent utilities are not separately identified. In standard models, only their products matter to decisions. Separate identification has been studied under implicit actions by Drèze or under explicit actions and...
Persistent link: https://www.econbiz.de/10011996588
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Do decision makers have subjective probabilities? An experimental test
Ronayne, David; Veneziani, Roberto; Zame, William R. - 2022
Anscombe and Aumann (1963) offer a definition of subjective probability in terms of comparisons with objective probabilities. That definition - which has provided the basis for much of the succeeding work on subjective probability - presumes that the subjective probability of an event is...
Persistent link: https://www.econbiz.de/10013265548
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Do decision makers have subjective probabilities? An experimental test
Ronayne, David; Veneziani, Roberto; Zame, William R. - 2022
Anscombe and Aumann (1963) offer a definition of subjective probability in terms of comparisons with objective probabilities. That definition - which has provided the basis for much of the succeeding work on subjective probability - presumes that the subjective probability of an event is...
Persistent link: https://www.econbiz.de/10014480545
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Bayesian learning and expectations formation: Anything goes
Albert, Max - 1996
The paper proves that the Bayesian approach to learning and expectations formation implies no propositions that could conceivably be refuted by observation. For a (non-expanding) universe infinite in time but finite at any point of time, it is shown that by a suitable choice of priors, any...
Persistent link: https://www.econbiz.de/10010311263
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Do decision makers have subjective probabilities? : an experimental test
Ronayne, David; Veneziani, Roberto; Zame, William R. - 2022 - This version: June 21, 2022
Anscombe and Aumann (1963) offer a definition of subjective probability in terms of comparisons with objective probabilities. That definition - which has provided the basis for much of the succeeding work on subjective probability - presumes that the subjective probability of an event is...
Persistent link: https://www.econbiz.de/10013259255
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Do decision makers have subjective probabilities? : an experimental test
Ronayne, David; Veneziani, Roberto; Zame, William R. - 2022 - This version: June 21, 2022
Anscombe and Aumann (1963) offer a definition of subjective probability in terms of comparisons with objective probabilities. That definition - which has provided the basis for much of the succeeding work on subjective probability - presumes that the subjective probability of an event is...
Persistent link: https://www.econbiz.de/10013264885
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Subjective expected utility in games
Di Tillio, Alfredo - In: Theoretical economics : TE ; an open access journal in … 3 (2008) 3, pp. 287-323
This paper extends Savage's subjective approach to probability and utility from decision problems under exogenous uncertainty to choice in strategic environments. Interactive uncertainty is modeled both explicitly, using hierarchies of preference relations, the analogue of beliefs hierarchies,...
Persistent link: https://www.econbiz.de/10011700273