Essays on the Theory of Choice Under Uncertainty and Strategic Interaction

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ISBN 13 :
Total Pages : 358 pages
Book Rating : 4.:/5 (229 download)

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Book Synopsis Essays on the Theory of Choice Under Uncertainty and Strategic Interaction by : Bruno Jullien

Download or read book Essays on the Theory of Choice Under Uncertainty and Strategic Interaction written by Bruno Jullien and published by . This book was released on 1988 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays in Dynamic Uncertainty

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ISBN 13 :
Total Pages : 324 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Essays in Dynamic Uncertainty by : Steven E. Scroggin

Download or read book Essays in Dynamic Uncertainty written by Steven E. Scroggin and published by . This book was released on 2005 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Intertemporal Choice Under Uncertainty

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ISBN 13 :
Total Pages : 135 pages
Book Rating : 4.:/5 (898 download)

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Book Synopsis Essays on Intertemporal Choice Under Uncertainty by : Pradeep Singh

Download or read book Essays on Intertemporal Choice Under Uncertainty written by Pradeep Singh and published by . This book was released on 2014 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation investigates intertemporal decision-making under uncertainty. In particular, I analyze how two traditionally under-explored sources of uncertainty affect trade-offs between the present and the future in making decisions: a) uncertainty of life, and b) strategic uncertainty in collective action dilemmas. Chapter 1 deals with the temporal dynamics of value in strategic interactions, and Chapter 2 extends the analysis to incorporate interaction between a homogeneous vis-à-vis a heterogeneous triad. Participants affiliated with different social groups at the University of Washington, Seattle, participated in a series of one-shot Voluntary Contribution Mechanism (VCM) games; the games extended the incentive structure of the VCM to decompose it into the relative temporal change in the public and private accounts, in addition to varying the social composition of the participating groups. Results from the experiment indicate that temporal delay is a significant factor in explaining voluntary contribution, with the outcomes being sensitive to the time horizon. To gauge the mechanisms of voluntary contribution with delayed rewards, the hypothesis as to whether expectation of how others' value the future affect one's own contribution was also tested. The results indicate that conditioning on our future self, how others value the future enters our calculus of voluntary contribution, but conditioning on our present self it has no effect. In "real life" settings, that benefits from cooperative behavior materialize in the near or distant future is perhaps the general rule. The proper functioning of markets is built upon cooperation between buyer and seller, the benefits of which are often realized in the future (for example, e-commerce or group buying schemes). The provision of public goods, whether it be providing immunization to a village, restoring a natural park, or contributing towards global public goods such as carbon offset projects - each have a temporal element embedded into them. In climate change and environmental negotiations, different countries with differing stated valuations of the future interact to provide a global public good, i.e. a habitable climate. Summers and Zeckhauser (2008) note that at International Panel of Climate Change (IPCC) negotiations, how to discount the future is always a thorny issue. Other real-life applications such as the contours of racism and the role of cliques in organizational behavior can also be better understood by unpacking the interaction between social and temporal preferences in collective action. Future studies confirming the robustness of the results, finding contradictory evidence, as well as testing hypothesis not found significant in the present study will be a fruitful line of inquiry. While there has been a plethora of studies on discounting behavior in individual decisions that have documented the phenomenon of present-bias (Kahneman, 1979; Frederick and Loewenstein, 2002), the results from the first two chapters contributes to the nascent literature in the field of discounting in strategic interactions that have been conducted to date by Deck and Jahedi (2013a, 2013b). Chapter 3 analyzes data from the World Bank Living Standard Measurement Survey (LSMS) conducted in Nepal (2003/04 and in 1995/96), in addition to the data on conflict measures collected by INSEC, a non-profit group promoting human rights, to gauge the effect of the "Maoist" civil war on agricultural household decision-making. Results indicate that in addition to causing the destruction of physical capital, life and the deterioration of social norms, the civil war was associated with changes in future-oriented decision making and inhibited household investments in the future. The evidence suggests that the civil conflict in Nepal further exacerbated the existing poverty levels by inhibiting investment levels further pushing households deeper in the chasm of a "poverty trap."

Essays on Economic Decisions Under Uncertainty

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Publisher : CUP Archive
ISBN 13 : 9780521386975
Total Pages : 460 pages
Book Rating : 4.3/5 (869 download)

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Book Synopsis Essays on Economic Decisions Under Uncertainty by : Jacques Drèze

Download or read book Essays on Economic Decisions Under Uncertainty written by Jacques Drèze and published by CUP Archive. This book was released on 1990-05-25 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Dreze is a highly respected mathematical economist and econometrician. This book brings together some of his major contributions to the economic theory of decision making under uncertainty, and also several essays. These include an important essay on 'Decision theory under moral hazard and state dependent preferences' that significantly extends modern theory, and which provides rigorous foundations for subsequent chapters. Topics covered within the theory include decision theory, market allocation and prices, consumer decisions, theory of the firm, labour contracts, and public decisions.

Essays on Decision Making Under Uncertainty

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ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.3/5 (797 download)

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Book Synopsis Essays on Decision Making Under Uncertainty by : Masaki Miyashita

Download or read book Essays on Decision Making Under Uncertainty written by Masaki Miyashita and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies several economic questions related to decision making under uncertainty. In the first chapter, I consider the question of to what extent an external observer can infer the underlying information structure by observing an equilibrium action distribution in an incomplete information game. I investigate this issue in a general linear-quadratic-Gaussian framework. A simple class of canonical information structures is offered and proves rich enough to rationalize any possible equilibrium action distribution that can arise under an arbitrary information structure. I show that the class is parsimonious in the sense that the relevant parameters can be uniquely pinned down by an observed equilibrium outcome, up to some qualifications. This implies, for example, that the accuracy of each agent's signal about the state is identified, as measured by how much observing the signal reduces the state variance. Moreover, I show that a canonical information structure characterizes the lower bound on the amount by which each agent's signal can reduce the state variance, across all observationally equivalent information structures. The lower bound is tight, for example, when the actual information structure is uni-dimensional, or when there are no strategic interactions among agents, but in general, there is a gap since agents' strategic motives confound their private information about fundamental and strategic uncertainty.The second chapter is based on my joint work with Federico Echenique, Yuta Nakamura, Luciano Pomatto, and Jamie Vinson. We propose a model of incomplete preferences, termed twofold multiprior preferences, in which an act f is ranked above an act g only when f provides higher utility in a worst-case scenario than what g provides in a best-case scenario. The model explains the experimental phenomenon, called failures of contingent reasoning, captured through a weakening of the state-by-state monotonicity (or dominance) axiom. Our model gives rise to rich comparative statics results, which demonstrate that the two important decision criteria in the literature--subjective expected utility representation and obvious dominance--can be encapsulated as the respective extreme cases of our model. We present an application to second-price auctions and illustrate that our model can explain a wide array of anomalistic bidding behaviors caused by failures of contingent reasoning, yet it can provide sharper predictions than obvious dominance.The third chapter, coauthored with Carlo Cusumano, extends the analysis of the second chapter by studying a general class of twofold preferences that compare different acts based on two possibly different utility functions. We find that the twofold preferences are useful for analyzing economic problems for at least two reasons. From a behavioral perspective, it enables theoretical models to account for the indecisiveness of a decision maker's choice in a way depending on the scale of odds. From a modeling perspective, the twofold approach can be a unified framework for modeling various incomplete preferences that differ in additional independence-type axioms to be imposed. Our series of axiomatization results provide the characterizations of the incomplete counterparts of existing complete preferences in the literature.

Handbook of Utility Theory

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Publisher : Springer Science & Business Media
ISBN 13 : 1402079648
Total Pages : 636 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Handbook of Utility Theory by : Salvador Barbera

Download or read book Handbook of Utility Theory written by Salvador Barbera and published by Springer Science & Business Media. This book was released on 2004-03-31 with total page 636 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard rationality hypothesis is that behaviour can be represented as the maximization of a suitably restricted utility function. This hypothesis lies at the heart of a large body of recent work in economics, of course, but also in political science, ethics, and other major branches of the social sciences. Though this hypothesis of utility maximization deserves our continued respect, finding further refinements and developing new critiques remain areas of active research. In fact, many fundamental conceptual problems remain unsettled. Where others have been resolved, their resolutions may be too recent to have achieved widespread understanding among social scientists. Last but not least, a growing number of papers attempt to challenge the rationality hypothesis head on, at least in its more orthodox formulation. The main purpose of this Handbook is to make more widely available some recent developments in the area. Yet we are well aware that the final chapter of a handbook like this can never be written as long as the area of research remains active, as is certainly the case with utility theory. The editors originally selected a list of topics that seemed ripe enough at the time that the book was planned. Then they invited contributions from researchers whose work had come to their attention. So the list of topics and contributors is largely the editors' responsibility, although some potential con tributors did decline our invitation. Each chapter has also been refereed, and often significantly revised in the light of the referees' remarks.

Understanding Strategic Interaction

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Publisher : Springer Science & Business Media
ISBN 13 : 3642604951
Total Pages : 526 pages
Book Rating : 4.6/5 (426 download)

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Book Synopsis Understanding Strategic Interaction by : Wulf Albers

Download or read book Understanding Strategic Interaction written by Wulf Albers and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strategic interaction occurs whenever it depends on others what one finally obtains: on markets, in firms, in politics etc. Game theorists analyse such interaction normatively, using numerous different methods. The rationalistic approach assumes perfect rationality whereas behavioral theories take into account cognitive limitations of human decision makers. In the animal kingdom one usually refers to evolutionary forces when explaining social interaction. The volume contains innovative contributions, surveys of previous work and two interviews which shed new light on these important topics of the research agenda. The contributions come from highly regarded researchers from all over the world who like to express in this way their intellectual inspiration by the Nobel-laureate Reinhard Selten.

R & D, Innovation and Industrial Structure

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Publisher : Springer Science & Business Media
ISBN 13 : 3642959253
Total Pages : 167 pages
Book Rating : 4.6/5 (429 download)

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Book Synopsis R & D, Innovation and Industrial Structure by : Boris Maurer

Download or read book R & D, Innovation and Industrial Structure written by Boris Maurer and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: The common topic of this collection of studies is the interaction between innova tive activity of firms and industrial structure. I call this interaction technological competition. Firms invest into R&D in order to open up new or enlarge existing profit opportuni ties for the future. A successful R&D-project leads to an innovation. An innovation introduced into the market changes the competitive structure of the industry. At the same time the structure of the industry shapes the incentives to invest into R&D. What matters for these incentives is not so much the existing structure but the expected dynamic evolution of that industry which is again dependent on the innovative choice of firms. Amongst other things, the dynamic of industry evolution is therefore rooted in the dynamics of ongoing innovative activity. Of course, this is not always the whole sto ry. There are (more or less) exogenous factors, like knowledge spillovers from other sectors of the economy, technological breakthroughs in basic research that directly influence the state of competition in an industry by providing additional profit op portunities, etc. The same is true for exogenous changes in upstream markets or demand conditions. My main interest here is not primarily to understand these exogenous forces, but to develop a theory of how the process of firms' innovative activity is shaped by competition and in turn shapes future competition between firms in an industry.

Evolution and Rationality

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Publisher : Cambridge University Press
ISBN 13 : 1139510517
Total Pages : 293 pages
Book Rating : 4.1/5 (395 download)

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Book Synopsis Evolution and Rationality by : Samir Okasha

Download or read book Evolution and Rationality written by Samir Okasha and published by Cambridge University Press. This book was released on 2012-06-21 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume explores from multiple perspectives the subtle and interesting relationship between the theory of rational choice and Darwinian evolution. In rational choice theory, agents are assumed to make choices that maximize their utility; in evolution, natural selection 'chooses' between phenotypes according to the criterion of fitness maximization. So there is a parallel between utility in rational choice theory and fitness in Darwinian theory. This conceptual link between fitness and utility is mirrored by the interesting parallels between formal models of evolution and rational choice. The essays in this volume, by leading philosophers, economists, biologists and psychologists, explore the connection between evolution and rational choice in a number of different contexts, including choice under uncertainty, strategic decision making and pro-social behaviour. They will be of interest to students and researchers in philosophy of science, evolutionary biology, economics and psychology.

Rational Interaction

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Publisher : Springer
ISBN 13 : 9783540550679
Total Pages : 438 pages
Book Rating : 4.5/5 (56 download)

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Book Synopsis Rational Interaction by : Reinhard Selten

Download or read book Rational Interaction written by Reinhard Selten and published by Springer. This book was released on 1992-02-10 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of essays in honor of John C. Harsanyi. Originally, we hoped that it would be ready in the year of his 70th birthday, but we did not quite succeed. It sometimes takes longer than anticipated to do things as well as one wants. I think that John Harsanyi will understand this. It is my desire to express our thanks to all those who helped to make the book possible, especially to the publishing house, the Springer Verlag. I am grateful to Hildegard Grober who assisted us in the organizational tasks connected to our editorial effort. I am deeply indebted to Horace W. Brock. His active support was extremely valuable. The results of my editorial efforts should partly be attributed to him. Reinhard Selten Table of Contents Introduction 1 I. Coopera. tive Game Theory The Consistent Shapley Value for Games without Side Payments by Michael Maschler and Guillermo Owen 5 Fictitious-Transfer Solutions in Cooperative Game Theory by Roger B. Myerson 13 The Finagle Point for Characteristic Function Games by Guillermo Owen 35 Voting by Count and Account by Bezalel Peleg 45 Fee Games: (N)TU-Games with Incomplete Information by Joachim Rosenmftller 53 A Non-Cooperative Interpretation of Value and Potential 83 by Sergiu Hart and Andreu Mas-Colell II.

Dissertation Abstracts International

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Publisher :
ISBN 13 :
Total Pages : 506 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Dissertation Abstracts International by :

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2003 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstracts of dissertations available on microfilm or as xerographic reproductions.

Indeterminacy and Society

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Publisher : Princeton University Press
ISBN 13 : 9780691091761
Total Pages : 188 pages
Book Rating : 4.0/5 (917 download)

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Book Synopsis Indeterminacy and Society by : Russell Hardin

Download or read book Indeterminacy and Society written by Russell Hardin and published by Princeton University Press. This book was released on 2003 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: In simple action theory, when people choose between courses of action, they know what the outcome will be. When an individual is making a choice "against nature," such as switching on a light, that assumption may hold true. But in strategic interaction outcomes, indeterminacy is pervasive and often intractable. Whether one is choosing for oneself or making a choice about a policy matter, it is usually possible only to make a guess about the outcome, one based on anticipating what other actors will do. In this book Russell Hardin asserts, in his characteristically clear and uncompromising prose, "Indeterminacy in contexts of strategic interaction . . . Is an issue that is constantly swept under the rug because it is often disruptive to pristine social theory. But the theory is fake: the indeterminacy is real." In the course of the book, Hardin thus outlines the various ways in which theorists from Hobbes to Rawls have gone wrong in denying or ignoring indeterminacy, and suggests how social theories would be enhanced--and how certain problems could be resolved effectively or successfully--if they assumed from the beginning that indeterminacy was the normal state of affairs, not the exception. Representing a bold challenge to widely held theoretical assumptions and habits of thought, Indeterminacy and Society will be debated across a range of fields including politics, law, philosophy, economics, and business management.

American Doctoral Dissertations

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ISBN 13 :
Total Pages : 776 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis American Doctoral Dissertations by :

Download or read book American Doctoral Dissertations written by and published by . This book was released on 2002 with total page 776 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Economics of Choice, Change and Organization

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Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 488 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis The Economics of Choice, Change and Organization by : Mie Augier

Download or read book The Economics of Choice, Change and Organization written by Mie Augier and published by Edward Elgar Publishing. This book was released on 2002 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays was commissioned for this volume in honour of the ideas and work of the late Richard M. Cyert who made a seminal contribution to the fields of industrial organization and change. In keeping with the range and significance of his work, the essays in this volume examine the economics of decision making, uncertainty, information processing, learning, evolution and organizational structure. Topics covered include: behavioural and evolutionary theories of the firm; cognitive factors in organization and economic action; the place of rules in organizations; learning from experience and from the knowledge of others; selection in economic change; and the impact of information technology and the evolution of organizational forms. The collection emphasizes the adaptive nature of economic action and the links between econmies and studies of human information processing and action. It should be interesting reading for scholars with an interest in behavioural and adaptive economics, along with industrial organization.

Theory of Choice Under Uncertainty and Its Applications in Economics and Finance

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (5 download)

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Book Synopsis Theory of Choice Under Uncertainty and Its Applications in Economics and Finance by : C. Ma

Download or read book Theory of Choice Under Uncertainty and Its Applications in Economics and Finance written by C. Ma and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Index to American Doctoral Dissertations

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Publisher :
ISBN 13 :
Total Pages : 1252 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Index to American Doctoral Dissertations by :

Download or read book Index to American Doctoral Dissertations written by and published by . This book was released on 1989 with total page 1252 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Reason and Nature

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Publisher : Oxford University Press
ISBN 13 : 9780199256839
Total Pages : 302 pages
Book Rating : 4.2/5 (568 download)

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Book Synopsis Reason and Nature by : José Luis Bermúdez

Download or read book Reason and Nature written by José Luis Bermúdez and published by Oxford University Press. This book was released on 2002 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a series of essays nine philosophers and two psychologists address three main themes: the status of norms of rationality; the precise form taken by them; and the role of norms in belief and actions.