 | Assistant Professor of Economics, California Institute of Technology Verified email at caltech.edu Cited by 71 |
P Ortoleva - Games and Economic Behavior, 2010 - Elsevier
Motivated by the extensive evidence about the relevance of status quo bias both in
experiments and in real markets, we study this phenomenon from a decision-theoretic
prospective, focusing on the case of preferences under uncertainty. We develop an ...
The goal of this paper is to model an agent who dislikes large choice sets because of the"
cost of thinking" involved in choosing from them. We take as a primitive a preference relation
over lotteries of menus and impose novel axioms that allow us to separately identify the ...
EA Ok,
P Ortoleva… - Memio, New York University, 2008 - files.nyu.edu
Abstract We investigate the classical Anscombe# Aumann model of decision# making under
un# certainty without assuming the completeness axiom. We deduce the exact nature of
preferences in this setup, and give a simple example that shows why one cannot use state ...
Abstract We apply the theoretical model of endogenous reference-dependence of Ok,
Ortoleva and Riella (2011) to the theory of vertical product differentiation. We analyze the
standard problem of a monopolist who offers a menu of alternatives to consumers of ...
[CITATION] Rational Choice with Endogenous Reference Points
F Bogliacino… - 2011 - hss.caltech.edu
Abstract We study an OLG model in which the average income of the society acts as a
reference point for the agents' utility on consumption. To model this we use the functional
form developed in behavioral economics to study reference-dependence: prospect theory. ...
Abstract Motivated by the extensive evidence about the relevance of status quo bias both in
experiments and in real markets, a number of recent papers have studied this phenomenon
from a decision-theoretic prospective. This paper focuses as well on this topic, albeit in the ...
Abstract Despite its normative appeal and widespread use, Bayes' rule has two well-known
limitations: first, it does not predict how agents should react to an information to which they
assigned probability zero; second, a sizable empirical evidence documents how agents ...
F Bogliacino… - 2009 - economia.uniandes.edu.co
Abstract We model a standard OLG growth model in which agents are reference dependent
and use the average consumption of the society as a reference point. In line with the
standard literature in reference dependence, we model this by assuming that the utility ...
M Dean… - 2011 - econ.upf.edu
Abstract We derive axiomatically a model in which the Decision Maker can exhibit
simultaneously both the Allais and the Ellsberg paradoxes in the standard setup of
Anscombe and Aumann (1963). Using the notion of 'subjective', or 'outcome'mixture of ...
K Madarasz, P Ortoleva… - 2011 - works.bepress.com
... Welfare, Frames, and Sophistication. Kristof Madarasz, London School of Economics
and Political Science Pietro Ortoleva Tomasz Sadzik. Suggested Citation. Kristof
Madarasz, Pietro Ortoleva, and Tomasz Sadzik. 2011. ...
Abstract. The traditional Ellsberg-type experiment involves the choice between options that
contains no ambiguity (N), and options in which the probability of winning is ambiguous,
while the amount of the prize is not (P). The typical finding is that subjects prefer N to P, ...
F Bogliacino… - 2011 - hss.caltech.edu
Abstract The vast literature that studied the consequences of reference-dependence on
standard economic models has focused only on two special cases of reference point: the
one in which it is the agent's past behavior, and the one in which it is her expectations. In ...
F Bogliacino… - 2011 - siecon.org
Abstract A vast literature has been devoted to analyzing the consequences of
referencedependence on economic models. However, most of the literature has focused
only on two special cases of reference point: the one in which it is the agent's past ...
Abstract We extend the Hypothesis Testing model of Ortoleva (2010) to the case in which the
agent is ambiguity averse both before and after she receives information. In particular, we
model an agent who ranks acts according to the MaxMin Expected Utility model of Gilboa ...
F Bogliacino… - 2009 - Citeseer
Abstract We study an OLG model in which the average income of the society acts as a
reference point for the agents' utility on consumption. To model this we use the functional
form developed in behavioral economics to study reference-dependence: prospect theory. ...
M Dean… - 2012 - hss.caltech.edu
Abstract We study the relation between ambiguity aversion and the Allais paradox. To this
end, we introduce a novel definition of hedging which applies to objective lotteries as well as
to uncertain acts, and we use it to define a novel axiom that captures a preference for ...
UMI. ProQuest® Dissertations & Theses The world's most comprehensive collection of
dissertations and theses. Learn more... ProQuest. Essays in decision theory. by Ortoleva, Pietro
ST, Ph.D., NEW YORK UNIVERSITY, 2009, 199 pages; 3365725. Abstract: ...
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