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  • Articles  (25)
  • D81  (25)
  • Springer  (25)
  • American Physical Society (APS)
  • Blackwell Publishing Ltd
  • 1995-1999  (25)
  • 1945-1949
  • Economics  (25)
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  • Articles  (25)
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  • Springer  (25)
  • American Physical Society (APS)
  • Blackwell Publishing Ltd
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  • 1
    Electronic Resource
    Electronic Resource
    An experimental note on the allais paradox and monetary incentives (1996)
    Springer
    Empirical economics 21 (1996), S. 617-632 
    Details
    ISSN: 1435-8921
    Keywords: C91 ; D81
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We test whether violations of expected utility theory in an Allais-paradox environment are sensitive to monetary incentives. Like Harrison (1994), we find that violations are significantly reduced when lotteries are real rather than hypothetical.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01180705
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  • 2
    Electronic Resource
    Electronic Resource
    An experimental investigation of the impact of ambiguity on the valuationof self-insurance and self-protection (1996)
    Springer
    Journal of risk and uncertainty 13 (1996), S. 53-71 
    Details
    ISSN: 1573-0476
    Keywords: risk ; uncertainty ; ambiguity ; self-protection ; self-insurance ; framing ; D81
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We build two experimental markets to examine individual valuations of risk reductions with two risk-management tools: self-insurance and self-protection. We find no positive evidence that the risk-reducing mechanisms constitute a “frame.” Ambiguity in the probability on average affects valuation only weakly, and changes in the representation of ambiguity do not alter valuation. Finally, unlike the results obtained by Hogarth and Kunreuther for the case of market insurance, our findings do not provide a strong support for the “Anchoring and Adjustment” ambiguity model.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00055338
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  • 3
    Electronic Resource
    Electronic Resource
    Performance of the similarity hypothesis relative to existing models of risky choice (1995)
    Springer
    Journal of risk and uncertainty 11 (1995), S. 233-262 
    Details
    ISSN: 1573-0476
    Keywords: risk ; expected utility ; generalized expected utility ; C91 ; D81
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Experimental studies have discovered behavior that is inconsistent with the expected utility model (EU) of risky choice (von Neumann and Morgenstern, 1953). The two approaches to address these paradoxes are tested: generalized expected utility models (GEU) and models incorporating decision-making limits or costs through question similarity. Tests are carried out over risky pairs related to well-known examples from Kahneman and Tversky's (1979) influential work. Statistical analysis reveals that GEU models of choice are significantly violated for choice patterns consistent with the similarity hypothesis. Additional tests point to shortcomings in the similarity approach that are consistent with fanning out behavior.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01207788
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  • 4
    Electronic Resource
    Electronic Resource
    A test of rank-dependent utility in the context of ambiguity (1996)
    Springer
    Journal of risk and uncertainty 13 (1996), S. 19-35 
    Details
    ISSN: 1573-0476
    Keywords: ambiguity ; rank dependence ; non-expected utility ; comonotonicity ; presentation effects ; D81
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Experimental investigations of non-expected utility have primarily concentrated on decision under risk (“probability triangles”). The literature suggests, however, that ambiguity is one of the main causes for deviations from expected utility (EU). This article investigates the descriptive performance of rank-dependent utility (RDU) in the context of choice under ambiguity. We use the axiomatic difference between RDU and EU to critically test RDU against EU. Surprisingly, the RDU model does not provide any descriptive improvement over EU. Our data suggest other “framing” factors that do provide descriptive improvements over EU.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00055336
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  • 5
    Electronic Resource
    Electronic Resource
    Structuring and assessing matrix-probability distributions (1996)
    Springer
    Journal of risk and uncertainty 13 (1996), S. 125-146 
    Details
    ISSN: 1573-0476
    Keywords: matrix-probability distributions ; nonarchimedean decision theory ; lexicographic utility ; D81
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article clarifies the structure and assessment of state matrix probabilities in a lexicographic generalization of the traditional subjective expected utility model for decision under uncertainty. It is a companion and natural successor to “Structuring and Assessing Linear Lexicographic Utility” by the same authors.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00057864
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  • 6
    Electronic Resource
    Electronic Resource
    Willingness-to-pay and willingness-to-accept for risky and ambiguous lotteries (1995)
    Springer
    Journal of risk and uncertainty 10 (1995), S. 223-233 
    Details
    ISSN: 1573-0476
    Keywords: ambiguity ; endowment ; experimental economics ; D81
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Former studies have shown that people tend to give buying prices that are lower than selling prices. In our study, we investigate if this willingness-to-accept and willingness-to-pay disparity is affected by ambiguity. Using a Becker, DeGroot, and Marschak procedure, we elicit buying, selling, short-selling, and short-buying prices. The results indicate that subjects clearly distinguish between risky and ambiguous lotteries and the different ways in which lotteries are framed. However, the average WTA/WTP ratios are remarkably close for all lotteries considered, as well as for negative and positive framing.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01207552
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  • 7
    Electronic Resource
    Electronic Resource
    Structuring and assessing linear lexicographic utility (1996)
    Springer
    Journal of risk and uncertainty 13 (1996), S. 93-124 
    Details
    ISSN: 1573-0476
    Keywords: lexicographic utility ; utility assessment ; multiattribute utility ; nonarchimedean decision theory ; decision under risk ; echelon basis form ; N-point uniqueness ; D81
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We outline an approach for assessing preferences in the form of a finite-dimensional, linear-lexicographic utility function when they lack the continuity properties necessary for representing them in the form of a real-valued, von Neumann-Morgenstern utility function. This approach takes the decision consequences as general descriptions, but it can exploit an available and conformable multiattribute structuring. The assessment task is one of several features of discontinuous preferences that are simplified by using a particular but always available type of linear-lexicographic representation, called the echelon-basis form.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00057863
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  • 8
    Electronic Resource
    Electronic Resource
    Unawareness and bankruptcy: A general equilibrium model (1998)
    Springer
    Economic theory 12 (1998), S. 259-292 
    Details
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: D4 ; D52 ; D81 ; D84.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. We present a consistent pure-exchange general equilibrium model where agents may not be able to foresee all possible future contingencies. In this context, even with nominal assets and complete asset markets, an equilibrium may not exist without appropriate assumptions. Specific examples are provided. An existence result is proved under the main assumption that there are sufficiently many states that all the agents foresee. An intrinsic feature of the model is bankruptcy, which agents may involuntarily experience in the unforeseen states.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001990050221
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  • 9
    Electronic Resource
    Electronic Resource
    Bayesian learning and convergence to Nash equilibria without common priors (1998)
    Springer
    Economic theory 11 (1998), S. 643-655 
    Details
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: C70 ; C73 ; D81 ; D82 ; D83 ; D84.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. Consider an infinitely repeated game where each player is characterized by a “type” which may be unknown to the other players in the game. Suppose further that each player's belief about others is independent of that player's type. Impose an absolute continuity condition on the ex ante beliefs of players (weaker than mutual absolute continuity). Then any limit point of beliefs of players about the future of the game conditional on the past lies in the set of Nash or Subjective equilibria. Our assumption does not require common priors so is weaker than Jordan (1991); however our conclusion is weaker, we obtain convergence to subjective and not necessarily Nash equilibria. Our model is a generalization of the Kalai and Lehrer (1993) model. Our assumption is weaker than theirs. However, our conclusion is also weaker, and shows that limit points of beliefs, and not actual play, are subjective equilibria.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001990050206
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  • 10
    Electronic Resource
    Electronic Resource
    Act similarity in case-based decision theory (1996)
    Springer
    Economic theory 9 (1996), S. 47-62 
    Details
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: D80 ; D81 ; D83.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary Case-Based Decision Theory (CBDT) postulates that decision making under uncertainty is based on analogies to past cases. In its original version, it suggests that each of the available acts is ranked according to its own performance in similar decision problems encountered in the past. The purpose of this paper is to extend CBDT to deal with cases in which the evaluation of an act may also depend on past performance of different, but similar acts. To this end we provide a behavioral axiomatic definition of the similarity function over problem-act pairs (and not over problem pairs alone, as in the original model). We propose a model in which preferences are context-dependent. For each conceivable history of outcomes (to be thought of as the “context” of decision) there is a preference order over acts. If these context-dependent preference relations satisfy our consistency-across-contexts axioms, there is an essentially unique similarity function that represents these preferences via the (generalized) CBDT functional.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001990050109
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