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Neo-additive capacities and updating
Eichberger, Jürgen; Grant, Simon; Lefort, Jean-Philippe - Alfred-Weber-Institut für Sozial- und … - 2009
This paper shows that, for CEU preferences, the axioms consquentialism, state independenceand conditional certainty equivalent consistency under updating characterise a family of capacities,called Genralised Neo-Additive Capacities (GNAC). This family contains as special casesamong others...
Persistent link: https://www.econbiz.de/10005868377
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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
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Chapter 20. Wanting Robustness in Macroeconomics
Hansen, Lars Peter; Sargent, Thomas J. - In: Handbook of monetary economics : volume 3, (pp. 1097-1157). 2010
control theory to the so-called multiplier and constraint preferences that have been used to express ambiguity aversion …
Persistent link: https://www.econbiz.de/10014025622
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Awareness-dependent subjective expected utility
Schipper, Burkhard - 2011 - This Version: December 21, 2011
We develop awareness-dependent subjective expected utility by taking unawareness structures introduced in Heifetz, Meier, and Schipper (2006, 2008, 2011a) as primitives in the Anscombe-Aumann approach to subjective expected utility. We observe that a decision maker is unaware of an event if and...
Persistent link: https://www.econbiz.de/10009542461
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Chapter 1. Axiomatic Foundations of Expected Utility and Subjective Probability
Karni, Edi - In: Handbook of the economics of risk and uncertainty : volume 1, (pp. 1-39). 2014
This chapter provides a critical review of the theories of decision making under risk and under uncertainty and the notion of choice-based subjective probabilities. It includes formal statements and discussions of the various models, including their analytical frameworks, the corresponding...
Persistent link: https://www.econbiz.de/10014025531
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Dynamic choice under ambiguity
Siniscalchi, Marciano - In: Theoretical economics : TE ; an open access journal in … 6 (2011) 3, pp. 379-421
This paper analyzes dynamic choice for ambiguity-sensitive decision makers. It demonstrates that unambiguous behavioral … sophisticated MEU preferences are then used to analyze the value of information under ambiguity; a basic trade-off between …
Persistent link: https://www.econbiz.de/10011691151
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Updating preferences with multiple priors
Hanany, Eran; Klibanoff, Peter - In: Theoretical economics : TE ; an open access journal in … 2 (2007) 3, pp. 261-298
We propose and axiomatically characterize dynamically consistent update rules for decision making under ambiguity … of preferences over acts, to be able to reconcile typical behavior in the face of ambiguity (as exemplified by Ellsberg …
Persistent link: https://www.econbiz.de/10011702323
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Boolean representations of preferences under ambiguity
Frick, Mira; Iijima, Ryota; Le Yaouanq, Yves - 2019
We propose a class of multiple-prior representations of preferences under ambiguity where the belief the decision … Optimism. The model does not restrict the sign of the DM's ambiguity attitude, and we show that it provides a unified framework … through which to characterize different degrees of ambiguity aversion, as well as to represent context-dependent negative and …
Persistent link: https://www.econbiz.de/10012064758
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Chapter 17. Ambiguity and Nonexpected Utility
Karni, Edi; Maccheroni, Fabio; Marinacci, Massimo - In: Handbook of game theory with economic applications : …, (pp. 901-947). 2015
depart from the sure thing principle and model the phenomenon of ambiguity and ambiguity aversion. …
Persistent link: https://www.econbiz.de/10014025442
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The evolutionary stability of optimism, pessimism and complete ignorance
Schipper, Burkhard - 2005
We provide an evolutionary foundation to evidence that in some situations humans maintain optimistic or pessimistic attitudes towards uncertainty and are ignorant to relevant aspects of the environment. Players in strategic games face Knightian uncertainty about opponents' actions and maximize...
Persistent link: https://www.econbiz.de/10010366542