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Decision Making Under Risk and Uncertainty : New Models and Empirical Findings - John Geweke

Decision Making Under Risk and Uncertainty

New Models and Empirical Findings

By: John Geweke (Editor)

Hardcover

Published: 31st August 1992
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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).

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

ISBN: 9780792319047
ISBN-10: 0792319044
Series: Theory and Decision Library B
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 262
Published: 31st August 1992
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 23.5 x 15.5  x 1.7
Weight (kg): 1.25