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Robust contracting under common value uncertainty
Auster, Sarah - In: Theoretical Economics 13 (2018) 1, pp. 175-204
A buyer makes an offer to a privately informed seller for a good of uncertain quality. Quality determines both the seller's valuation and the buyer's valuation, and the buyer evaluates each contract according to its worst-case performance over a set of probability distributions. This paper...
Persistent link: https://www.econbiz.de/10012010024
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Robust contracting under common value uncertainty
Auster, Sarah - In: Theoretical economics : TE ; an open access journal in … 13 (2018) 1, pp. 175-204
A buyer makes an offer to a privately informed seller for a good of uncertain quality. Quality determines both the seller's valuation and the buyer's valuation, and the buyer evaluates each contract according to its worst-case performance over a set of probability distributions. This paper...
Persistent link: https://www.econbiz.de/10011855861
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Contracting for innovation under knightian uncertainty
AMARANTE, Massimiliano; GHOSSOUB, Mario; PHELPS, Edmund - Département de Sciences Économiques, Université de … - 2012
probabilities on the new states. The agents in the economy are classified with respect to their attitude towards this Ambiguity: the … financiers are (locally) Ambiguity-seeking while the consumers are Ambiguity-averse. An entrepreneur and a financier come together … contracting problem does not fall within the standard theory due to the presence of Ambiguity (on the financier’s side) and to the …
Persistent link: https://www.econbiz.de/10010933661
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Contracting for Innovation under Knightian Uncertainty
Amarante, Massimiliano; Ghossoub, Mario; Phelps, Edmund - Centre Interuniversitaire de Recherche en Économie … - 2012
probabilities on the new states. The agents in the economy are classified with respect to their attitude towards this Ambiguity: the … financiers are (locally) Ambiguity-seeking while the consumers are Ambiguity-averse. An entrepreneur and a financier come … contracting problem does not fall within the standard theory due to the presence of Ambiguity (on the financier’s side) and to the …
Persistent link: https://www.econbiz.de/10010616508
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Pareto optimal allocations for probabilistic sophisticated variational preferences
Ravanelli, Claudia; Svindland, Gregor - 2011
preferences, probabilistic sophistication, ambiguity aversion, weighted sup-convolution optimization problems …
Persistent link: https://www.econbiz.de/10009295752
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A Simple Model of Trading and Pricing RiskyAssets Under Ambiguity: Any Lessons forPolicy-Makers?
Guidolin, Massimo; Rinaldi, Francesca - Manchester Business School - 2008
populated by bothstandard expected utility maximizers and by ambiguity-averse investors that trade in the market fora risky … asset. We show that, provided there is a sufficient amount of ambiguity, market breakdownswhere large portions of traders …
Persistent link: https://www.econbiz.de/10005870697
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Portfolio and Consumption Decisions under Ambiguity for Regime Switching Mean Returns
Liu, Hening - Manchester Business School - 2009
This paper examines a continuous-time intertemporal consumption and portfolio choice problem foran ambiguity …
Persistent link: https://www.econbiz.de/10005870701
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Entscheidungskalküle jenseits des subjektiven Erwartungsnutzens
Lindstädt, Hagen - Institut für Angewandte Betriebswirtschaftslehre, … - 2004
Ausgangspunkt sind die bekannten empirischen Verstöße gegen Axiome der Bernoulli-Rationalität und die Diskussion um seine präskriptive Ausschließlichkeit. Der Beitrag teilt Nichterwartungsnutzenkalküle in Kategorien ein, die sich für eine Modellierung unterschiedlicher Arten von...
Persistent link: https://www.econbiz.de/10009005121
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A Dynamic Ellsberg Urn Experiment
Dominiak, Adam; Dürsch, Peter; Lefort, Jean-Philippe - Alfred-Weber-Institut für Sozial- und … - 2009
Two rationality arguments are used to justify the link between condi-tional and unconditional preferences in decision theory: dynamic consistencyand consequentialism. Dynamic consistency requires that ex ante contingentchoices are respected by updated preferences. Consequentialism states...
Persistent link: https://www.econbiz.de/10009249016
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Are the Treasures of Game Theory Ambiguous?
Eichberger, Jürgen; Kelsey, David - Alfred-Weber-Institut für Sozial- und …; … - 2008
ambiguity may induce such behaviour.[...] …
Persistent link: https://www.econbiz.de/10009262201