 | Assistant Professor, Harvard University Verified email at harvard.edu Cited by 156 |
This paper axiomatizes the robust control criterion of multiplier preferences introduced by
Hansen and Sargent (2001). The axiomatization relates multiplier preferences to other
classes of preferences studied in decision theory, in particular, the variational preferences ...
L Rigotti, C Shannon… - Econometrica, 2008 - Wiley Online Library
We study a definition of subjective beliefs applicable to preferences that allow for the
perception of ambiguity, and provide a characterization of such beliefs in terms of market
behavior. Using this definition, we derive necessary and sufficient conditions for the ...
Abstract: As demonstrated by the email game of Rubinstein (1989), the predictions of the
standard equilibrium models of game theory are sensitive to assumptions about the fine
details of the higher order beliefs. This paper shows that models of bounded depth of ...
Abstract: Models of ambiguity aversion have recently found many applications in dynamic
settings. This paper shows that there is a strong interdependence between ambiguity
aversion and the preferences for the timing of the resolution of uncertainty, as defined by ...
Abstract Important implications of the expected utility hypothesis and risk aversion are that if
agents have the same probability belief, then consumption plans in every efficient allocation
of resources under uncertainty are comonotone with the aggregate endowment, and if ...
S Grant, B Polak… - 2009 - economics.harvard.edu
Page 1. Second-Order Expected Utility Simon Grant ∗ Ben Polak † Tomasz Strzalecki ‡
Preliminary version: November 2009 Abstract We present two axiomatizations of the
Second-Order Expected Utility model in the context of the standard models of choice under ...
This paper shows that in the class of variational preferences the notion of probabilistic
sophistication is equivalent to expected utility as long as there exists at least one event such
that the independence axiom holds for bets on that event. This extends the result of ...
Abstract We find a necessary and sufficient condition for ex-ante trade when agents are non-
expected utility maximizers. The condition is that they share subjective beliefs. Our result
holds for a class of convex preferences that contains many functional forms used in ...
JP Platteau… - 2003 - csae.ox.ac.uk
Abstract: In Senegal, we encountered a situation in which the same minority group of
migrant fishermen turned out to have a completely different set of expectations regarding a
collective action depending on the location where they operated. In one village, ...
Abstract An important implication of the expected utility model under risk aversion is that if
agents have the same probability belief, then the efficient allocations under uncertainty are
comonotone with the aggregate endowment, and if their beliefs are concordant, then the ...
Abstract: This paper shows that in the class of variational preferences the notion of
probabilistic sophistication is equivalent to expected utility as long as there exists at least
one event such that the independence axiom holds for bets on that event. This extends a ...
JP Platteau… - Journal of African Economies, 2004 - CSAE
Abstract In Senegal, we encountered a situation in which a minority group of migrant
fishermen had completely different sets of expectations regarding a collective action
depending on the location where they operated. In one village expectations were ...
F Gul, W Pesendorfer… - Working Paper, 1969 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks.
Behavioral Competitive Equilibrium. Faruk Gul, Wolfgang Pesendorfer and Tomasz Strzalecki. ...
F Gul, W Pesendorfer… - 2011 - princeton.edu
Abstract A behavioral competitive equilibrium restricts households ability to tailor their
consumption to the state of the economy. Compared to standard competitive equilibrium, a
behavioral competitive equilibrium yields more consumption risk and extreme price ...
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