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Optimal allocations with α-MaxMin utilities, Choquet expected utilities, and Prospect Theory

Beißner, Patrick; Werner, Jan - In: Theoretical Economics 18 (2023) 3, pp. 993-1022

utility functions, where concavity is an expression of ambiguity aversion and/or risk aversion. This paper extends the … analysis to α-maxmin expected utility, Choquet expected utility, and Cumulative Prospect Theory, which accommodate ambiguity …

Persistent link: https://www.econbiz.de/10014537001

Ambiguity and Social Interaction

Eichberger, Jürgen; Kelsey, David H.; Schipper, Burkhard C. - 2003

We examine the impact of ambiguity on economic behaviour. We present a relatively non-technical account of ambiguity … and show how it may be applied in economics. Optimistic and pessimistic responses to ambiguity are formally modelled. We … also examine the effects of ambiguity on peace processes. It is shown that ambiguity can act to select equilibria in …

Persistent link: https://www.econbiz.de/10010274362

The Evolutionary Stability of Optimism, Pessimism and Complete Ignorance

Schipper, Burkhard C. - 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/10010276584

The Evolutionary Stability of Optimism, Pessimism and Complete Ignorance

Schipper, Burkhard C. - 2005

Persistent link: https://www.econbiz.de/10010333763

Ambiguity and Social Interaction

Eichberger, Jürgen; Kelsey, David; Schipper, Burkhard C. - 2005

We present a non-technical account of ambiguity in strategic games and show how it may be applied to economics and … social sciences. Optimistic and pessimistic responses to ambiguity are formally modelled. We show that pessimism has the … ambiguity on peace-making are examined. It is shown that ambiguity may select equilibria in coordination games with multiple …

Persistent link: https://www.econbiz.de/10010333999

Quality Ambiguity and the Market Mechanism for Credence Goods

Benner, Dietrich - 2004

uncertainty on the ?market for lemons? of Akerlof (1970) to ?quality ambiguity? with credence goods. The model shows the market …

Persistent link: https://www.econbiz.de/10011375016

Ambiquity and public good provision in large societies

Bailey, Ralph W.; Eichberger, Jürgen; Kelsey, David - 2004

In this paper we consider the effect of ambiguity on the private provision of public goods. Equilibrium is shown to …

Persistent link: https://www.econbiz.de/10011422127

Ambiguity and Social Interaction

Eichberger, Jürgen; Kelsey, David; Schipper, Burkhard C. - 2007

Persistent link: https://www.econbiz.de/10011422157

Neo-additive capacities and updating

Eichberger, Jürgen; Grant, Simon; Lefort, Jean-Philippe - 2009

This paper shows that, for CEU preferences, the axioms consquentialism, state independence and conditional certainty equivalent consistency under updating characterise a family of capacities, called Genralised Neo-Additive Capacities (GNAC). This family contains as special cases among others...

Persistent link: https://www.econbiz.de/10011422288

The Evolutionary Stability of Optimism, Pessimism, and Complete Ignorance

Schipper, Burkhard - 2019

We seek an evolutionary explanation for why in some situations humans maintain either optimistic or pessimistic attitudes towards uncertainty and are ignorant to relevant aspects of their environment. Players in strategic games face Knightian uncertainty about opponents' actions and maximize...

Persistent link: https://www.econbiz.de/10012655881