Showing 1 - 10 of 271
wird die Wirkung beider Instrumente auf die Nutzen der Arbeitnehmer und auf die gesamtwirschaftliche Wohlfahrt analysiert … können die Nutzen der Arbeitnehmer und die Beschäftigung im Vergleich zum Referenzfall ohne Eingriff erhöhen. Die Einführung … intervention serves as basing point.Minimum wages as well as wage subsidies can increase employment and the utility of the workers …
Persistent link: https://www.econbiz.de/10009471844
risk aversion and models of the utility function. One particular theory (expected utility with rank dependent probabilities …
Persistent link: https://www.econbiz.de/10009468391
In the framework of Knightian uncertainty more precisely in the model introduced by Epstein and Schneider 3 different questions concerning the aspect of time-consistency, in the sense of m-stability or rectangularity, are studied.The first part describes an alternative description of...
Persistent link: https://www.econbiz.de/10009452489
In this paper we give an alternative characterization for time-consistent sets of measures in a discrete setting. For each measure \mathbb{P} in a time-consistent set \mathcal{P} we get a distinct set of predictable processes which in return decribe the \mathbb{P} uniquely. This implies we get a...
Persistent link: https://www.econbiz.de/10009452573
We develop a theory of optimal stopping problems under ambiguity in continuous time. Using results from (backward … from the agent's ambiguity aversion. We show how to use these general results for search problems and American Options. …
Persistent link: https://www.econbiz.de/10009452622
We model and solve Best Choice Problems in the multiple prior framework: An ambiguity averse decision maker aims to … choose the best among a fixed number of applicants that appear sequentially in a random order. The decision faces ambiguity … stopping strategy is simple. Ambiguity can lead to substantial differences to the classical threshold rule. …
Persistent link: https://www.econbiz.de/10009452623
We consider optimal stopping problems for ambiguity averse decision makers with multiple priors. In general, backward … induction fails. If, however, the class of priors is time-consistent, we establish a generalization of the classical theory of … optimal stopping. To this end, we develop first steps of a martingale theory for multiple priors. We define minimax (super …
Persistent link: https://www.econbiz.de/10009452624
, interpreted as symmetry of evidence, is a weak assumption, when combined with subjective expected utility theory, it implies also … implication of de Finetti's hypotheses is not intuitive. This motivates our adoption of multiple-priors utility as the benchmark …
Persistent link: https://www.econbiz.de/10009455294
unilateral accident model under ambiguity. To incorporate ambiguity, I adopt the Choquet expected utility framework and represent …Standard accident models are based on the expected utility framework and represent agents’ beliefs about accident risk … with a probability distribution. Consequently, they do not allow for Knightian uncertainty, or ambiguity, with respect to …
Persistent link: https://www.econbiz.de/10009466424
subjective expected utility theory in the dynamic experiment. Several subjects who are classified as ambiguity-neutral in the … second, it cannot be explained by the subjective expected utility theory. The goal of this thesis is to explore further the … Choquet expected utility theory to interpersonal decision problems. We show that, unlike in the subjective expected utility …
Persistent link: https://www.econbiz.de/10009476201