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Model Uncertainty, Complexity and Rank in Finance
Los, Cornelis A. - EconWPA - 2004
- uncertainty, complexity and rank. First, the concept of epistemic uncertainty is sufficient for modeling and the concept of … categorization for mutual funds is presented. Second, the concept of (linear) system complexity is usually dealt with by presuming a …
Persistent link: https://www.econbiz.de/10005119076
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A Computer Scientist Looks at Game Theory
Halpern, Joseph Y. - EconWPA - 2004
I consider issues in distributed computation that should be of relevance to game theory. In particular, I focus on (a) representing knowledge and uncertainty, (b) dealing with failures, and (c) specification of mechanisms.
Persistent link: https://www.econbiz.de/10005550928
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Bayesianism without Learning
Samet, Dov - EconWPA - 1999
According to the standard definition, a Bayesian agent is one who forms his posterior belief by conditioning his prior belief on what he has learned, that is, on facts of which he has become certain. Here it is shown that Bayesianism can be described without assuming that the agent acquires any...
Persistent link: https://www.econbiz.de/10005407613
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Categorical Cognition: A Psychological Model of Categories and Identification in Decision Making
Fryer, Roland G.; Jackson, Matthew O. - EconWPA - 2002
This paper introduces a psychological notion of categorization into economics and derives its implications for economic decision making. We show, using a tractable model of social cognition, that a decision maker in (efficiently) assigning past experiences to categories, will sort experiences of...
Persistent link: https://www.econbiz.de/10005135029
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CONSUMER SEARCH: NOT ENOUGH OR TOO MUCH?
Zwick, Rami; Rapoport, Amnon; Lo, Alison King Chung; … - EconWPA - 2001
We study search behavior in a generalized "secretary problem" environment in which consumers search sequentially for … make no distributional assumptions about the quality of the alternatives. Rather, at each stage of the search the consumers …. Our study departs from previous experimental investigations of the secretary problem by including search costs and …
Persistent link: https://www.econbiz.de/10005408222
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The Stability of Price Dispersion under Seller and Consumer Learning
Hopkins, Ed; Seymour, Roberty M. - EconWPA - 2002
of costly search to discover prices. We ask whether such equilibria can be learnt when sellers adjust prices adaptively …
Persistent link: https://www.econbiz.de/10005118556
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Log-concave Probability Distributions: Theory and Statistical Testing
An, Mark Yuying - EconWPA - 1996
Persistent link: https://www.econbiz.de/10005550895
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THE VALUE OF A STOCHASTIC INFORMATION STRUCTURE
Azrieli, Yaron; Lehrer, Ehud - EconWPA - 2004
Upon observing a signal, a Bayesian decision maker updates her probability distribution over the state space, chooses an action, and receives a payoff that depends on the state and the action taken. An information structure determines the set of possible signals and the probability of each...
Persistent link: https://www.econbiz.de/10005550947
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A new integral for capacities
Lehrer, Ehud - EconWPA - 2005
A new integral for capacities, different from the Choquet integral, is introduced and characterized. The main feature of the new integral is concavity, which might be interpreted as uncertainty aversion. The integral is then extended to fuzzy capacities, which assign subjective expected values...
Persistent link: https://www.econbiz.de/10005550967
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Strengths of the Weakest-Link
Février, Philippe; ) Laurent Linnemer - EconWPA - 2002
The "Weakest Link" is a game show full of paradox. To increase the probability of winning, contestants should eliminate the strongest players. Yet, if it is anticipated that the best player is to be eliminated, participants do not answer questions correctly and nothing is gained. We solve a game...
Persistent link: https://www.econbiz.de/10005556682