Decision Making Under Risk and Uncertainty

New Models and Empirical Findings

By: J. Geweke (Editor)

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Hardcover | 31 August 1992

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276 Pages

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As desired, the infonnation demand correspondence is single valued at equilibrium prices. Hence no planner is needed to assign infonnation allocations to individuals. Proposition 4. For any given infonnation price system p E . P (F *), almost every a E A demands a unique combined infonnation structure (although traders may be indifferent among partial infonnation sales from different information allocations, etc. ). In particular, the aggregate excess demand correspondence for net combined infonnation trades is a continuous function. Proof Uniqueness fails only if an agent can obtain the same expected utility from two or more net combined infonnation allocations. If this happens, appropriate slight perturbations of personal probability vectors destroy the equality unless the utility functions and wealth allocations were independent across states. Yet, when utilities and wealths don't depend on states in S, no infonnation to distinguish the states is desired, so that the demand for such infonnation structures must equal zero. To show the second claim, recall that if the correspondence is single valued for almost every agent, then its integral is also single valued. Finally, note that an upper hemicontinuous (by Proposition 2) correspondence which is single valued everywhere is, in fact, a continuous function. [] REFERENCES Allen, Beth (1986a). "The Demand for (Differentiated) Infonnation"; Review of Economic Studies. 53. (311-323). Allen, Beth (1986b). "General Equilibrium with Infonnation Sales"; Theory and Decision. 21. (1-33). Allen, Beth (1990). "Infonnation as an Economic Commodity"; American Economic Review. 80. (268-273).

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Non-Fiction Business & Management Management & Management Techniques Management Decision Making Reference, Information & Interdisciplinary Subjects Research & Information Information theory Operational Research Economics Economic Theory & Philosophy

Nontransitive Preferences and Normative Decision Theory	p. 3
Healthy Scepticism as an Expected-Utility Evolution of the Ellsberg Paradox	p. 11
Intertemporal Risk-Aversion and Calibration Uncertainty May Explain Violations of the Independence Axiom	p. 17
Decision Versus Policy: An Expected Utility Resolution of the Ellsberg Paradox	p. 25
Comparative Statics for Endogenous Risk	p. 37
Deterministic Transformations: Some Comparative Statistics Results	p. 43
Defining the Mean-Preserving Spread: 3-PT Versus 4-PT	p. 53
A Descriptive Model and a Decision Technique	p. 61
Risk Aversion Measures with Expected and Non-Expected Utility	p. 69
Linear Lexicographic State-Depended Utility	p. 83
On the Foundations of Decision Making Under Partial Information	p. 93
The Bayesian Model of Conditional Preference and Trade Under Uncertainty	p. 101
Consumption Style as Choice Under Risk Static Choice, Dynamic Irrationality and Crimes of Passion	p. 105
The Effect of Explicit Probability Estimates on Violations of Subjective Expected Utility Theory in the Allais Paradox	p. 117
Testing Alternative Representations of Behavior Under Uncertainty	p. 125
Generic Utility: Measurements of Risk Functions and their Robustness	p. 133
Studies on Judgmental Probability Forecasting	p. 143
Risk Attitude, Strength of Preference and Relative Risk Attitude: An Assessment with Multiple Indicators	p. 151
A Simple Model of Partial Information Exchange Among Individuals with Different Subjective Probabilities	p. 163
Tests for a Reservation Wage Effect	p. 171
Market Uncertainty and Belief Formation with a Finite Number of Events	p. 179
Arbitrage, Rationality, and Equilibrium	p. 189
Adaptive Behavior in Games	p. 201
An Experimental Investigation of Focal Points in Coordination and Bargaining: Some Preliminary Results	p. 211
Some Versions of Newcomb's Problem are Prisoners' Dilemmas	p. 221
Foundations for the Theory of Rational Choice with Vague Priors	p. 231
Public Knowledge About Indoor Radon: The Effects of Risk Communication	p. 243
Risk Perceptions and Risk Taking in the Presence of Multiple Risks	p. 253
Table of Contents provided by Blackwell. All Rights Reserved.

Decision Making Under Risk and Uncertainty

New Models and Empirical Findings

At a Glance

Hardcover

Shipping

How to return your order

Defective items

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