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American Economic Journal: Microeconomics: Vol. 4 No. 1 (February 2012)

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Partially Specified Probabilities: Decisions and Games

Article Citation

Lehrer, Ehud. 2012. "Partially Specified Probabilities: Decisions and Games." American Economic Journal: Microeconomics, 4(1): 70-100.

DOI: 10.1257/mic.4.1.70

Abstract

The paper develops a theory of decision making based on partially specified probabilities. It takes an axiomatic approach using Anscombe and Aumann's (1963) setting, and is based on the concave integral for capacities. This theory is then expanded to interactive models in order to extend Nash equilibrium by introducing the concept of partially specified equilibrium. (JEL C70, D81, D83)

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Authors

Lehrer, Ehud (Tel Aviv U and INSEAD, Fontainebleau)

JEL Classifications

C70: Game Theory and Bargaining Theory: General
D81: Criteria for Decision-Making under Risk and Uncertainty
D83: Search; Learning; Information and Knowledge; Communication; Belief

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