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Relevance and Symmetry
Mukerji, Sujoy; Klibanoff, Peter; Seo, Kyoungwon - Department of Economics, Oxford University - 2011
a single concept of relevance delivers this for a wide range of models, including models that allow for ambiguity … attitude.  We also use symmetry and relevance to provide insight into the foundations of the α-MEU and smooth ambiguity models …
Persistent link: https://www.econbiz.de/10010605069
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De Finetti meets Ellsberg
Epstein, Larry G.; Seo, Kyoungwon - In: Research in Economics 68 (2014) 1, pp. 11-26
The paper outlines an exchangeable non-Bayesian model of preference generalizing the Savage/de Finetti classic model of subjective expected utility preference with an exchangeable prior. The treatment is informal, and the emphasis is on motivation and potential applications rather than on...
Persistent link: https://www.econbiz.de/10010875377
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Perceived Ambiguity and Relevant Measures
Mukerji, Sujoy; Klibanoff, Peter; Seo, Kyoungwon - Department of Economics, Oxford University - 2014
relevant measures as reflecting part of perceived ambiguity, meaning subjective uncertainty about probabilities over states …. Under mild conditions, we show that increases or decreases in ambiguity aversion cannot affect the relevant measures. This … property, necessary for the conclusion that these measures reflect only perceived ambiguity, distinguishes the set of relevant …
Persistent link: https://www.econbiz.de/10010780802
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Symmetry of evidence without evidence of symmetry
Epstein, Larry G.; Seo, Kyoungwon - In: Theoretical Economics 5 (2010) 3
The de Finetti Theorem is a cornerstone of the Bayesian approach. Bernardo (1996) writes that its "message is very clear: if a sequence of observations is judged to be exchangeable, then any subset of them must be regarded as a random sample from some model, and there exists a prior distribution...
Persistent link: https://www.econbiz.de/10008599642
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Coarse contingencies and ambiguity
Epstein, Larry G.; Marinacci, Massimo; Seo, Kyoungwon - In: Theoretical Economics 2 (2007) 4, pp. 355-394
The paper considers an agent who must choose an action today under uncertainty about the consequence of any chosen action but without having in mind a complete list of all the contingencies that could influence outcomes. She conceives of some relevant (subjective) contingencies but she is aware...
Persistent link: https://www.econbiz.de/10011599392
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Symmetry of evidence without evidence of symmetry
Epstein, Larry G.; Seo, Kyoungwon - In: Theoretical Economics 5 (2010) 3, pp. 313-368
The de Finetti Theorem is a cornerstone of the Bayesian approach. Bernardo (1996) writes that its "message is very clear: if a sequence of observations is judged to be exchangeable, then any subset of them must be regarded as a random sample from some model, and there exists a prior distribution...
Persistent link: https://www.econbiz.de/10011599431
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Exchangeable capacities, parameters and incomplete theories
Epstein, Larry G.; Seo, Kyoungwon - In: Journal of Economic Theory 157 (2015) C, pp. 879-917
The de Finetti Theorem on exchangeable predictive priors is generalized to a framework where preference is represented by Choquet expected utility with respect to a belief function (a special capacity). The resulting model provides behavioral foundations for the decision-maker's subjective...
Persistent link: https://www.econbiz.de/10011263610
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Foundations of ambiguity models under symmetry: α-MEU and smooth ambiguity
Klibanoff, Peter; Mukerji, Sujoy; Seo, Kyoungwon; … - 2021
The α-MEU model and the smooth ambiguity model are two popular models in decision making under ambiguity. However, the …
Persistent link: https://www.econbiz.de/10012670885
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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/10011927996
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Coarse contingencies and ambiguity
Epstein, Larry G.; Marinacci, Massimo; Seo, Kyoungwon - In: Theoretical Economics 2 (2007) 4
The paper considers an agent who must choose an action today under uncertainty about the consequence of any chosen action but without having in mind a complete list of all the contingencies that could influence outcomes. She conceives of some relevant (subjective) contingencies but she is aware...
Persistent link: https://www.econbiz.de/10005812753