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Intertemporal stability of ambiguity preferences

Duersch, Peter; Römer, Daniel; Roth, Benjamin - Alfred-Weber-Institut für Wirtschaftswissenschaften, … - 2013

be stable over time. In this paper, we analyze the stability of ambiguity preferences experimentally. We repeatedly … elicit ambiguity attitudes towards multiple 3-color Ellsberg urns over a period of two months. In our data, 57% of the …

Persistent link: https://www.econbiz.de/10010895522

Neo-additive capacities and updating

Eichberger, Jürgen; Grant, Simon; Lefort, Jean-Philippe - Alfred-Weber-Institut für Wirtschaftswissenschaften, … - 2009

This paper shows that, for CEU preferences, the axioms consquentialism, state independence and conditional certainty equivalent consistency under updating characterise a family of capacities, called Genralised Neo-Additive Capacities (GNAC). This family contains as special cases among others...

Persistent link: https://www.econbiz.de/10008567830

Attitudes towards Uncertainty and Randomization: An Experimental Study

Dominiak, Adam; Schnedler, Wendelin - Alfred-Weber-Institut für Wirtschaftswissenschaften, … - 2010

Individuals exhibit a randomization preference if they prefer random mixtures of two bets to each of the involved bets. Such preferences provide the foundation of various models of uncertainty aversion. However, it has to our knowledge not been empirically investigated whether uncertainty-averse...

Persistent link: https://www.econbiz.de/10008478287

A Dynamic Ellsberg Urn Experiment

Dominiak, Adam; Dürsch, Peter; Lefort, Jean-Philippe - Alfred-Weber-Institut für Wirtschaftswissenschaften, … - 2009

Two rationality arguments are used to justify the link between conditional and unconditional preferences in decision theory: dynamic consistency and consequentialism. Dynamic consistency requires that ex ante contingent choices are respected by updated preferences. Consequentialism states that...

Persistent link: https://www.econbiz.de/10008503257

Are the Treasures of Game Theory Ambiguous?

Eichberger, Jürgen; Kelsey, David - Alfred-Weber-Institut für Wirtschaftswissenschaften, … - 2008

strategic ambiguity may induce such behaviour. …

Persistent link: https://www.econbiz.de/10005453737

Ambiguity and Social Interaction

Eichberger, Jürgen; Kelsey, David; Schipper, Burkhard C. - Alfred-Weber-Institut für Wirtschaftswissenschaften, … - 2007

We present a non-technical account of ambiguity in strategic games and show how it may be applied to economics and … social sciences. Optimistic and pessimistic responses to ambiguity are formally modelled. We show that pessimism has the … ambiguity on peace-making are examined. It is shown that ambiguity may select equilibria in coordination games with multiple …

Persistent link: https://www.econbiz.de/10005150940

Ambiguity

Eichberger, Jürgen; Kelsey, David - Alfred-Weber-Institut für Wirtschaftswissenschaften, … - 2007

Ambiguity refers to a decision situation under uncertainty when there is incomplete information about the likelihood of … ambiguity and ambiguity aversion. …

Persistent link: https://www.econbiz.de/10005150961

Liquidity and Ambiguity: Banks or Asset Markets?

Eichberger, Jürgen; Spanjers, Willy - Alfred-Weber-Institut für Wirtschaftswissenschaften, … - 2007

We study the impact of ambiguity on two alternative institutions of financial intermediation in an economy where … consumers face uncertain liquidity needs. The ambiguity the consumers experience is modeled by the degree of confidence in their … with high liquidity needs. With increasing ambiguity this preference will be reversed: the asset market is preferred, since …

Persistent link: https://www.econbiz.de/10005200598