By Itzhak Gilboa
ISBN-10: 0415324947
ISBN-13: 9780415324946
This quantity brings jointly vital papers, coupled with new introductions, within the vastly influential sector of uncertainty in financial idea. Seminal papers can be found jointly for the 1st time in publication structure, with new introductions and less than the steely editorship of Itzhak Gilboa - this booklet is an invaluable reference instrument for economists all around the globe.
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Extra info for Uncertainty in Economic Theory (Routledge Frontiers of Political Economy, 63)
Sample text
Schmeidler (1989), “Maxmin Expected Utility with a Non-Unique Prior,” Journal of Mathematical Economics, 18: 141–153. -Y. (1989), “Linear Utility Theory for Belief Functions,” Operations Research Letters, 8: 107–112. Kahneman, D. and A. Tversky (1979), “Prospect Theory: An Analysis of Decision Under Risk,” Econometrica, 47: 263–291. , M. Marinacci, and S. Mukerji (2003), “A Smooth Model of Decision Making under Ambiguity,” mimeo. Introduction 19 Knight, F. H. (1921), Risk, Uncertainty, and Profit.
Shafer, G. (1976), A Mathematical Theory of Evidence. Princeton University Press, Princeton NJ. Shapley, L. S. M. Reprinted as: Shapley, L. S. (1972), “Cores of Convex Games,” International Journal of Game Theory, 1: 11–26. ) Tversky, A. and D. Kahneman (1974), “Judgment under Uncertainty: Heuristics and Biases,” Science, 185(4157): 1124–1131. Tversky, A. and D. Kahneman (1981), “The Framing of Decisions and the Psychology of Choice,” Science, 211(4481): 453–458. Tversky, A. and D. Kahneman (1992), “Advances in Prospect Theory: Cumulative Representation of Uncertainty,” Journal of Risk and Uncertainty, 5: 297–323.
The most important implication of SEU is the sure-thing principle, discussed informally in the introduction. It means that a preference between two acts is not affected if, for an event for which the two acts yield the same outcome, that common outcome is changed into another common outcome. The condition holds true under SEU, because an event with a common outcome contributes the same term to the expected-utility integral of both acts, which will cancel from the comparison irrespective of what that common outcome is.
Uncertainty in Economic Theory (Routledge Frontiers of Political Economy, 63) by Itzhak Gilboa
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