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Cabrales, Antonio; Gossner, Olivier; Serrano, Roberto - Brown University, Department of Economics - 2012

An information transaction entails the purchase of information. Formally, it consists of an information structure together with a price. We develop an index of the appeal of information transactions, which is derived as a dual to the agent's preferences for information. The index of information...

Persistent link: https://www.econbiz.de/10011196577

Ambiguity aversion is the exception

Kocher, Martin G.; Lahno, Amrei Marie; Trautmann, Stefan T. - Volkswirtschaftliche Fakultät, … - 2015

An extensive literature has studied ambiguity aversion in economic decision making, and how ambiguity aversion can account for empirically observed violations of expected utility-based theories. Almost all relevant applied models presume a general dislike of ambiguity. In this paper, we provide...

Persistent link: https://www.econbiz.de/10011199869

Ambiguity Aversion is the Exception

Kocher, Martin G.; Lahno, Amrei M.; Trautmann, Stefan T. - CESifo - 2015

Persistent link: https://www.econbiz.de/10011205383

A Quantitative Measurement of Regret Theory

Bleichrodt, Han; Cillo, Alessandra; Diecidue, Enrico - In: Management Science 56 (2010) 1, pp. 161-175

This paper introduces a method to measure regret theory, a popular theory of decision under uncertainty. Regret theory … allows for violations of transitivity, and it may seem paradoxical to quantitatively measure an intransitive theory. We adopt … preference heterogeneity. Our data support the main assumption of regret theory, that people are disproportionately averse to …

Persistent link: https://www.econbiz.de/10009208679

Choice-Based Elicitation and Decomposition of Decision Weights for Gains and Losses Under Uncertainty

Abdellaoui, Mohammed; Vossmann, Frank; Weber, Martin - In: Management Science 51 (2005) 9, pp. 1384-1399

under uncertainty. Assuming cumulative prospect theory, utility functions were elicited for gains and losses at an …

Persistent link: https://www.econbiz.de/10009214393

Entropy and the value of information for investors

Cabrales, Antonio; Gossner, Olivier; Serrano, Roberto - Brown University, Department of Economics - 2010

Consider any investor who fears ruin facing any set of investments that satisfy no-arbitrage. Before investing, he can purchase information about the state of nature in the form of an information structure. Given his prior, information structure is more informative than information structure if...

Persistent link: https://www.econbiz.de/10008752462

Entropy and the value of information for investors

Cabrales, Antonio; Gossner, Olivier; Serrano, Roberto - Instituto de Ciencias Sociales, Instituto Madrileño de … - 2010

Persistent link: https://www.econbiz.de/10008752640

Uncertainty and Conflict Decision

Bilkic, Natasa; Gries, Thomas - Department Volkswirtschaftslehre, Fachbereich für … - 2014

Though violent conflicts bear dramatic uncertainties, there is no closed theory addressing large uncertainties in …

Persistent link: https://www.econbiz.de/10010780844

CONGESTION MODELS AND WEIGHTED BAYESIAN POTENTIAL GAMES

Facchini, Giovanni; Megen, Freek van; Borm, Peter; … - In: Theory and Decision 42 (1997) 2, pp. 193-206

Persistent link: https://www.econbiz.de/10009401917

Informatical aspects regarding decision tree in decisions optimization

Isac, Alin; Isac, Claudia - In: Annals of the University of Petrosani, Economics 3 (2003), pp. 117-122

Everyone makes decisions, but not everyone is a decision-analyst. A decision analyst uses quantitative models and computational methods to formulate decision-problems, assess decision performance, identify and evaluate options, determine tradeoffs and risks, evaluate strategies for...

Persistent link: https://www.econbiz.de/10005760962