Narrow search
Showing 11 - 20 of 55,792
Cover Image
Unawareness, beliefs and speculative trade
Heifetz, Aviad; Meier, Martin; Schipper, Burkhard - 2009
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for potential applications of asymmetric unawareness. We compare unawareness with probability zero belief. Applying our unawareness belief structures, we show that the...
Persistent link: https://www.econbiz.de/10003894997
Cover Image
Unawareness, Beliefs, and Speculative Trade
Heifetz, Aviad - 2012
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for potential applications of asymmetric unawareness. Applying our unawareness belief structures, we show that the common prior assumption is too weak to rule out...
Persistent link: https://www.econbiz.de/10013116677
Cover Image
Unawareness, beliefs, and speculative trade
Heifetz, Aviad; Meier, Martin; Schipper, Burkhard - 2011
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for potential applications of asymmetric unawareness. Applying our unawareness belief structures, we show that the common prior assumption is too weak to rule out...
Persistent link: https://www.econbiz.de/10009544213
Cover Image
Preference-dependent unawareness
Schipper, Burkhard - 2011
Morris (1996, 1997) introduced preference-based definitions of knowledge of belief in standard state-space structures. This paper extends this preference-based approach to unawareness structures (Heifetz, Meier, and Schipper, 2006, 2008). By defining unawareness and knowledge in terms of...
Persistent link: https://www.econbiz.de/10009544215
Cover Image
Information, evolution and utility
Samuelson, Larry; Swinkels, Jeroen M. - In: Theoretical economics : TE ; an open access journal in … 1 (2006) 1, pp. 119-142
Human utility embodies a number of seemingly irrational aspects. The leading example in this paper is that utilities often depend on the presence of salient unchosen alternatives. Our focus is to understand <i>why</i> an evolutionary process might optimally lead to such seemingly dysfunctional features...
Persistent link: https://www.econbiz.de/10011704445
Cover Image
The Optimal Mechanism for Selling to Budget-Constrained Consumers.
Che, Y.K.; Gale, I. - Wisconsin Madison - Social Systems - 1996
This paper finds an optimal mechanism for selling an indivisible good to consumers who may be budget-constrained. Unlike the case where buyers are not budget constrained, a single posted price is not typically optimal. An optimal mechanism generally consists of a continuum of lotteries indexed...
Persistent link: https://www.econbiz.de/10005200406
Cover Image
A Dynamic Model of Equilibrium Selection in Signaling Markets.
Noldeke, G.; Samuelson, L. - Wisconsin Madison - Social Systems - 1996
experience and in which sellers, with private information about their type, choose utility-maximizing signals given these prices …
Persistent link: https://www.econbiz.de/10005200464
Cover Image
Information, evolution and utility
Swinkels, Jeroen M.; Samuelson, Larry - In: Theoretical Economics 1 (2006) 1, pp. 119-142
Human utility embodies a number of seemingly irrational aspects. The leading example in this paper is that utilities often depend on the presence of salient unchosen alternatives. Our focus is to understand <i>why</i> an evolutionary process might optimally lead to such seemingly dysfunctional features...
Persistent link: https://www.econbiz.de/10005212485
Cover Image
Robust Information Aggregation
Veiel, Rafael - 2022
Consider an investment problem with strategic complementarities and incomplete information about returns. This paper … shows that investors aggregate their private information in equilibrium by trading a token and observing its market price … over multiple rounds before making the investment decision. This result is robust to the information environment. The paper …
Persistent link: https://www.econbiz.de/10014239114
Cover Image
Preference for Information.
Grant, S.; Polak, B.; Kajii, A. - Research School of Pacific and Asian Studies, College … - 1996
What is the relationship between an agent's attitude towards information, and her attitude towards risk? if an agent … always prefers more information does this imply that she obyes the independence axiom? We provide a substitution property on … preferences that is equivalent to the agent (intrinsically) liking information in the absence of contingent choice. …
Persistent link: https://www.econbiz.de/10005663675