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Kuhn’s Theorem in an environment with ambiguity averse players who use a maxmin decision rule and full Bayesian updating. …
Persistent link: https://www.econbiz.de/10011110982
Kuhn’s Theorem in an environment with ambiguity averse players who use a maxmin decision rule and full Bayesian updating. …
Persistent link: https://www.econbiz.de/10010939511
ambiguity averse players. In a setting where players’ preferences are represented by maxmin expected utility, as characterized … maximizing players. Our analysis shows that ambiguity aversion can lead to behavioral implications that are distinct from those …
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In this paper we examine the performance of theories of decision making under uncertainty/ambiguity from the … end, we employ an innovative experimental design which enables us to reproduce ambiguity in the laboratory in a …
Persistent link: https://www.econbiz.de/10005328553
ambiguity may induce such behaviour.[...] …
Persistent link: https://www.econbiz.de/10009262201
If a decision maker, in a world of uncertainty à la Anscombe and Aumann (1963), can choose acts according to some objective probability distribution (by throwing dice for instance) from any given set of acts, then there is no set of acts that allows an experimenter to test more than the Axiom...
Persistent link: https://www.econbiz.de/10010319975
A game-theoretic framework that allows for explicitly randomized strategies is used to study the e ect of ambiguity … predictions of two player games with ambiguity averse and with ambiguity neutral players are observationally equivalent. This … beliefs to the context of ambiguity aversion yields substantially di erent predictions even for the case with just two players. …
Persistent link: https://www.econbiz.de/10010270432