Similar Search Results

Hill, Brian - 2019

Although much of the theoretical literature on ambiguity works under the assumption of uncertainty aversion …

Persistent link: https://www.econbiz.de/10012266826

Lemos, Filipe - 2016

This article aims to build through the collection of inputs from prior research, regulatory input and practitioner's experience, a comprehensive definition of risk.Risk is not measurable uncertainty nor volatility. Risk is a three part concept: (1) risk is the potential that events may have an...

Persistent link: https://www.econbiz.de/10012998705

The Problem of the Divided Majority : Preference Aggregation Under Uncertainty

Granic, Georg D. - 2015

This paper reports on the results of a series of experimental laboratory elections. The novelty of the design allows me to study both coordination failures and coordination efficiency in a repeated-game, divided majority setting. I assess and compare the performance of three voting mechanisms,...

Persistent link: https://www.econbiz.de/10013032662

Risk Sharing Capacity : Markets versus Households

Gersbach, Hans - 2014

We introduce uncertainty in our general equilibrium model with multi-member groups, following the classical state-space approach of Arrow-Debreu. A host of new interesting economic issues emerge. First, risk averse agents can attempt to insure themselves through markets or through mutual...

Persistent link: https://www.econbiz.de/10013061191

Analyzing framing effecty by an experiment among students in Turkey

Kamilçelebi, Hatime; Ünal, Emre - 2014

This study investigates the framing effect of experiments that conducted among students. The main aim of this work is to show the results of an experiment conducted in Turkey how could affect behavior of subjects who were students in banking and insurance business studies department. By...

Persistent link: https://www.econbiz.de/10010460138

Effects of macro uncertainty on mean expectations and subjective uncertainty : evidence from households and professional forecasters

Piccillo, Giulia; Poonpakdee, Poramapa - 2021

Macroeconomic uncertainty affects the subjective distribution of individual expectations. Using four panel datasets, we document the effects of macro uncertainty on the mean expectation (first moment) and subjective uncertainty (second moment) of income forecasts. We find that macro uncertainty...

Persistent link: https://www.econbiz.de/10012745240

Ordering ambiguous acts

Jewitt, Ian; Mukerji, Sujoy - 2017

ambiguity averse relation. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act … makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more … ambiguous (II) act adversely affects a more ambiguity averse DM more, as measured by the compensation they require to switch …

Persistent link: https://www.econbiz.de/10011694759

Symmetry axioms and perceived ambiguity

Klibanoff, Peter; Mukerji, Sujoy; Seo, Kyoungwon - 2017

between the set of relevant measures, shown by KMS [21] to reflect only perceived ambiguity, and the set of measures (which we … perceived ambiguity. Regarding symmetry assumptions, we show that, under relatively mild conditions, a variety of preference … stringent. Only when it is satisfied may the Bewley set be interpreted as reflecting only perceived ambiguity and not also taste …

Persistent link: https://www.econbiz.de/10011694779

Ambiguity and time-varying risk aversion in sovereign debt markets

Große Steffen, Christoph; Podstawski, Maximilian - 2016

This paper introduces changes in the level of ambiguity as a complementary source of time-varying risk aversion. We … ambiguity raises investors' risk aversion. The effect is quantified in an application to European sovereign debt markets using a … structural VAR to achieve identification in the data. We proxy for ambiguity using a measure of macroeconomic uncertainty and …

Persistent link: https://www.econbiz.de/10011518808

Expected balanced uncertain utility

Grant, Simon; Roorda, B.; Yang, Jingni - In: Theoretical economics : TE ; an open access journal in … 20 (2025) 1, pp. 1-25

We introduce and analyze expected balanced uncertain utility (EBUU) theory. A prior and a balanced outcome-set utility characterize an EBUU decision maker. Conditional on a reference or "balancing value," the latter assigns a utility to each outcome-set. The decision maker associates with each...

Persistent link: https://www.econbiz.de/10015332578