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A decision frame theory for uncertainty with applications to regret and choice acclimatization

Feige, Christian - 2021

decision models. Central to each step is a bijective mapping that, applied to the set of prospects, changes the framing of the … decision problem. Static models of subjective expected utility and reference dependence result from stretch mappings and … translations (i.e., shifts), respectively. Dynamic models, such as regret and aspiration learning, involve groups of models each of …

Persistent link: https://www.econbiz.de/10013220354

Do decision makers have subjective probabilities? An experimental test

Ronayne, David; Veneziani, Roberto; Zame, William R. - 2022

Anscombe & Aumann (1963) offer a definition of subjective probability in terms of comparisons with objective probabilities. That definition - which has provided the basis for much of the succeeding work on subjective probability - presumes that the subjective probability of an event is...

Persistent link: https://www.econbiz.de/10014030563

When rational decision-making becomes irrational : a critical assessment and re-conceptualization of intuition effectiveness

Julmi, Christian - In: Business research 12 (2019) 1, pp. 291-314

Intuition can lead to more effective decision-making than analysis under certain conditions. This assumption can be … regarded as common sense. However, dominant research streams on intuition effectiveness in decision-making conceptualize … article suggests the structuredness of the decision problem as the main criterion for intuition effectiveness, and proposes …

Persistent link: https://www.econbiz.de/10012029308

Source Recursive Expected Utility on Rich Mixture Sets

Chew, Soo Hong; Kader, Gavin; Wang, Wenqian - 2022

Building on the Herstein-Milnor mixture set axiomatization of expected utility theory, we employ multiple mixture operators each modeling a source of uncertainty to arrive at a definition of rich mixture sets. This enables a weakening of the reduction of compound lottery axiom leading to an...

Persistent link: https://www.econbiz.de/10014081339

Stochastic Choice and Preferences for Randomization

Agranov, Marina - 2015

We investigate the origin of stochastic choice and differentiate between three classes of models that account for it: Random Utility, Bounded Rationality, and Deliberate Randomization. We conduct an experiment in which subjects face the same questions repeated multiple times, but we consider...

Persistent link: https://www.econbiz.de/10013017580

An Alternative Subjective Expected Utility Representation Theorem

Kuzmics, Christoph - 2012

A decision maker (DM) is asked to make choices from a set of acts, which entail both risk and uncertainty in the sense …

Persistent link: https://www.econbiz.de/10013101803

The evolutionary stability of optimism, pessimism and complete ignorance

Schipper, Burkhard - 2005

We provide an evolutionary foundation to evidence that in some situations humans maintain optimistic or pessimistic attitudes towards uncertainty and are ignorant to relevant aspects of the environment. Players in strategic games face Knightian uncertainty about opponents' actions and maximize...

Persistent link: https://www.econbiz.de/10010366542

Awareness-dependent subjective expected utility

Schipper, Burkhard - 2011 - This Version: December 21, 2011

observe that a decision maker is unaware of an event if and only if her choices reveal that the event is ``null' and the …

Persistent link: https://www.econbiz.de/10009542461

The evolutionary stability of optimism, pessimism, and complete ignorance

Schipper, Burkhard - 2019

We provide an evolutionary foundation to evidence that in some situations humans maintain either optimistic or pessimistic attitudes towards uncertainty and are ignorant to relevant aspects of the environment. Players in strategic games face Knightian uncertainty about opponents' actions and...

Persistent link: https://www.econbiz.de/10012101422

Ambiguity framed

Schneider, Mark; Leland, Jonathan W.; Wilcox, Nathaniel T. - 2016

Persistent link: https://www.econbiz.de/10011486367