Showing 1 - 10 of 15,983
First, we present what is called the Theory of Psychological Preferences (altruism, rational reciprocity...) through, on one side, the list of axioms proposed by Sandbu (2008) for pure individual decisions and, on the other side, that of Segal and Sobel (2007) for strategical ones. Second, we...
Persistent link: https://www.econbiz.de/10010930212
First, we present what is called the Theory of Psychological Preferences (altruism, rational reciprocity...) through, on one side, the list of axioms proposed by Sandbu (2008) for pure individual decisions and, on the other side, that of Segal and Sobel (2007) for strategical ones. Second, we...
Persistent link: https://www.econbiz.de/10009325726
We show that when decision makers are of the multiple prior kind, there is an equivalence between no betting and non empty intersection of the sets of priors.
Persistent link: https://www.econbiz.de/10010750589
This paper seeks to interpret observable behavior and departures from Savage's model of Subjective Expected Utility (SEU) in terms of knowledge and belief. It is shown that observable behavior displays sensitivity to ambiguity if and only if knowledge and belief disagree. In addition, such an...
Persistent link: https://www.econbiz.de/10011025563
Harsanyi's axiomatic justification of utilitarianism is extended to a framework with subjective and heterogenous priors. Contrary to the existing literature on aggregation of preferences under uncertainty, society is here allowed to formulate probability judgements, not on the actual state of...
Persistent link: https://www.econbiz.de/10011025980
One main topic of the epistemic program of game theory deals with the value of information. To study this question in a broad context, one needs to adapt some of the tools used in multiplayer epistemic logic. A hierarchical belief structure is introduced both in a syntactical and semantical...
Persistent link: https://www.econbiz.de/10010738448
This paper aims at proving that social interactions can easily be rationalized by individual preferences as defined in standard microeconomic theory. For that purpose, we show individual choice rationality to be logically equivalent to social consistency, when individual rationality means that...
Persistent link: https://www.econbiz.de/10010739139
This paper seeks to interpret observable behavior and departures from Savage's model of Subjective Expected Utility (SEU) in terms of knowledge and belief. It is shown that observable behavior displays sensitivity to ambiguity if and only if knowledge and belief disagree. In addition, such an...
Persistent link: https://www.econbiz.de/10010795541
Harsanyi's axiomatic justification of utilitarianism is extended to a framework with subjective and heterogenous priors. Contrary to the existing literature on aggregation of preferences under uncertainty, society is here allowed to formulate probability judgements, not on the actual state of...
Persistent link: https://www.econbiz.de/10010795551
We show that when decision makers are of the multiple prior kind, there is an equivalence between no betting and non empty intersection of the sets of priors.
Persistent link: https://www.econbiz.de/10008795136