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  • Books
  • Articles  (3)
  • rationality
  • 1990-1994  (3)
  • Sociology  (3)
  • Mathematics
  • 1
    Electronic Resource
    Electronic Resource
    An axiomatic analysis of the Nash equilibrium concept (1992)
    Springer
    Theory and decision 33 (1992), S. 177-189 
    Details
    ISSN: 1573-7187
    Keywords: Axioms ; cooperation ; game theory ; Nash equilibrium ; rationality
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract The purpose of this paper is to analyze axiomatically the Nash equilibrium concept. The class of games under study is a (relatively large) subclass of n-person normal form games. Solutions are correspondences which associate to each game a non empty set of strategy vectors of this game. It is shown that if a solution satisfies the axioms Independence of irrelevant alternatives (IIA) and Individual rationality (IR), then all the strategy vectors in this solution are Nash equilibria. This result holds good also if IR is replaced by Strong individual monotonicity (SIM) or Weak principle of fair compromise (WPFC).
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00134095
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    Nonrational actors and financial market behavior (1991)
    Springer
    Theory and decision 31 (1991), S. 257-287 
    Details
    ISSN: 1573-7187
    Keywords: financial market ; decision theory ; behavioral decision ; financial flows ; rationality ; herd behavior
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract The insights of descriptive decision theorists and psychologists, we believe, have much to contribute to our understanding of financial market macrophenomena. We propose an analytic agenda that distinguishes those individual idiosyncrasies that prove consequential at the macro-level from those that are neutralized by market processes such as poaching. We discuss five behavioral traits — barn-door closing, expert/reliance effects, status quo bias, framing, and herding — that we employ in explaining financial flows. Patterns in flows to mutual funds, to new equities, across national boundaries, as well as movements in debt-equity ratios are shown to be consistent with deviations from rationality.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00132995
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  • 3
    Electronic Resource
    Electronic Resource
    A challenge to the compound lottery axiom: A two-stage normative structure and comparison to other theories (1994)
    Springer
    Theory and decision 37 (1994), S. 267-309 
    Details
    ISSN: 1573-7187
    Keywords: Ambiguity ; rationality ; decision ; compound lottery ; two-stage lottery
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract This paper examines preferences among uncertain prospects when the decision maker is uneasy about his assignment of subjective probabilities. It proposes a two-stage lottery framework for the analysis of such prospects, where the first stage represents an assessment of the vagueness (ambiguity) in defining the problem's randomness and the second stage represents an assessment of the problem for each hypothesized randomness condition. Standard axioms of rationality are prescribed for each stage, including weak ordering, continuity, and strong independence. The ‘Reduction of Compound Lotteries' axiom is weakened, however, so that the two lottery stages have consistent, but not collapsible, preference structures. The paper derives a representation theorem from the primitive preference axioms, and the theorem asserts that preference-consistent decisions are made as if the decision maker is maximizing a modified expected utility functional. This representation and its implications are compared to alternative decision models. Criteria for assigning the relative empirical power of the alternative models are suggested.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01079912
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