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Crès, Hervé; Gilboa, Itzhak; Vieille, Nicolas - In: Journal of Economic Theory 146 (2011) 6, pp. 2563-2582

Experts are asked to provide their advice in a situation of uncertainty. They adopt the decision makerʼs utility function, but each has a potentially different set of prior probabilities, and so does the decision maker. The decision maker and the experts maximize the minimal expected utility...

Persistent link: https://www.econbiz.de/10011042915

Aggregation of multiple prior opinions.

Crès, Hervé; Gilboa, Itzhak; Vieille, Nicolas - Sciences Po - 2011

Experts are asked to provide their advice in a situation of uncertainty. They adopt the decision maker’s utility function, but each has a potentially different set of prior probabilities, and so does the decision maker. The decision maker and the experts maximize the minimal expected utility...

Persistent link: https://www.econbiz.de/10009493496

Aggregation of multiple prior opinions

Gilboa,, Itzhak; Vieille, Nicolas; Crès, Hervé - Department of Economics, Sciences économiques - 2011

Persistent link: https://www.econbiz.de/10010756389

Sharing risk and ambiguity

Rigotti, Luca; Shannon, Chris - In: Journal of Economic Theory 147 (2012) 5, pp. 2028-2039

We study the market implications of ambiguity in common models. We show that generic determinacy is a robust feature in … general equilibrium models that allow a distinction between ambiguity and risk. …

Persistent link: https://www.econbiz.de/10010594326

Aggregation under homogeneous ambiguity: a two-fund separation result

Wakai, Katsutoshi - In: Economic Theory 30 (2007) 2, pp. 363-372

Persistent link: https://www.econbiz.de/10005371128

The von Neumann/Morgenstern approach to ambiguity

Dumav, Martin; Stinchcombe, Maxwell B. - Institut für Mathematische Wirtschaftsforschung, … - 2013

information structures; complete separations of attitudes toward risk and ambiguity; and new classes of preferences that allow … decreasing relative ambiguity aversion and thereby rationalize recent challenges to many of the extant multiple prior models of … ambiguity aversion. We also characterize a property of sets of priors, descriptive completeness, that resolves several open …

Persistent link: https://www.econbiz.de/10011098616

Experimental Evidence on Valuation and Learning with Multiple Priors

Qiu, Jianying; Weitzel, Utz - Volkswirtschaftliche Fakultät, … - 2013

Abstract Popular models for decision making under ambiguity assume that people use not one but multiple priors. This …. This holds under ambiguity, but not in a comparison treatment under risk. …

Persistent link: https://www.econbiz.de/10011258993

Aggregation of coherent experts opinion: a tractable extreme-outcomes consistent rule

Basili, Marcello; Chateauneuf, Alain - Dipartimento di Economia Politica e Statistics, … - 2013

The paper defines a consensus distribution with respect to experts’ opinions by a multiple quantile utility model. The paper points out that the Steiner Point is the representative consensus probability. The new rule of experts’ opinions aggregation, that can be evaluated by the Shapley...

Persistent link: https://www.econbiz.de/10010760436

Aggregation of coherent experts opinion: a tractable extreme-outcomes consistent rule

Basili, Marcello; Chateauneuf, Alain - Institut de Préparation à l'Administration et à la … - 2014

Persistent link: https://www.econbiz.de/10010891093

Confidence and decision

Hill, Brian - In: Games and Economic Behavior 82 (2013) C, pp. 675-692

Many real-life decisions have to be taken on the basis of probability judgements of which the decision maker is not entirely sure. This paper develops a decision rule for taking such decisions, which incorporates the decision makerʼs confidence in his probability judgements according to the...

Persistent link: https://www.econbiz.de/10011049884