کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
957563 928534 2008 24 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Small worlds: Modeling attitudes toward sources of uncertainty
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Small worlds: Modeling attitudes toward sources of uncertainty
چکیده انگلیسی

We introduce the concept of a conditional small world event domain—an extension of Savage's [The Foundations of Statistics, Wiley, New York, 1954] notion of a ‘small world’—as a self-contained collection of comparable events. Under weak behavioral conditions we demonstrate probabilistic sophistication in any small world event domain without relying on monotonicity or continuity. Probabilistic sophistication within, though not necessarily across, small worlds provides a foundation for modeling a decision maker that has source-dependent risk attitudes. This also helps formalize the idea of source preference and suggests an interpretation of ambiguity aversion, often associated with Ellsberg-type behavior, in terms of comparative risk aversion across small worlds.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 139, Issue 1, March 2008, Pages 1–24
نویسندگان
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