Uncertainty in Economic Theory

By: Itzhak Gilboa (Editor)

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Hardcover | 24 June 2004 | Edition Number 1

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576 Pages

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Recent decades have witnessed developments in decision theory that propose an alternative to the accepted Bayesian view. According to this view, all uncertainty can be quantified by probability measures. This view has been criticized on empirical as well as conceptual grounds. David Schmeidler has offered an alternative way of thinking about decision under uncertainty, which has become popular in recent years. This book provides a review and an introduction to this new decision theory under uncertainty. The first part focuses on theory: axiomatizations, the definition of uncertainty aversion, the issue of updating and independence, and so forth. The second part deals with applications to economic theory, game theory, and finance. With a wide variety of contributions of the highest order, the book can be considered to be extremely authoritative. This is the first collection to include papers on this topic, and it can thus serve as an introduction to researchers who are new to the field or a graduate course textbook. With this goal in mind, the book contains survey introductions that are aimed at a graduate level student, and help explain the main ideas, as well as put them in perspective.

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List of contributors	p. xii
Preface	p. xv
Theory	p. 1
Introduction	p. 3
Preference axiomatizations for decision under uncertainty	p. 20
Defining ambiguity and ambiguity attitude	p. 36
Introduction to the mathematics of ambiguity	p. 46
Subjective probability and expected utility without additivity	p. 108
Maxmin expected utility with non-unique prior	p. 125
A simple axiomatization of nonadditive expected utility	p. 136
Updating ambiguous beliefs	p. 155
A definition of uncertainty aversion	p. 171
Ambiguity made precise: a comparative foundation	p. 209
Stochastically independent randomization and uncertainty aversion	p. 244
Decomposition and representation of coalitional games	p. 261
Applications	p. 281
An overview of economic applications of David Schmeidler's models of decision making under uncertainty	p. 283
Ambiguity aversion and incompleteness of contractual form	p. 303
Ambiguity aversion and incompleteness of financial markets	p. 336
A quartet of semigroups for model specification, robustness, prices of risk, and model detection	p. 364
Uncertainty aversion, risk aversion, and the optimal choice of portfolio	p. 419
Intertemporal asset pricing under Knightian uncertainty	p. 429
Sharing beliefs: between agreeing and disagreeing	p. 472
Equilibrium in beliefs under uncertainty	p. 483
The right to remain silent	p. 522
On the measurement of inequality under uncertainty	p. 531
Index	p. 541
Table of Contents provided by Rittenhouse. All Rights Reserved.

Uncertainty in Economic Theory

At a Glance

Hardcover

Shipping

How to return your order

Defective items

You Can Find This Book In

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Corporate Rule

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