Randomization and dynamic consistency
Raiffa (Q J Econ 75:690-694, 1961) has suggested that ambiguity aversion will cause a strict preference for randomization. We show that dynamic consistency implies that individuals will be indifferent to ex ante randomizations. On the other hand, it is possible for a dynamically consistent ambiguity...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Dokumenttyp: | Article (Journal) |
| Sprache: | Englisch |
| Veröffentlicht: |
2016
|
| In: |
Economic theory
Year: 2016, Jahrgang: 62, Heft: 3, Pages: 547-566 |
| ISSN: | 1432-0479 |
| DOI: | 10.1007/s00199-015-0913-8 |
| Online-Zugang: | Verlag, lizenzpflichtig, Volltext: https://doi.org/10.1007/s00199-015-0913-8
|
| Verfasserangaben: | Jürgen Eichberger, Simon Grant, David Kelsey |
MARC
| LEADER | 00000caa a2200000 c 4500 | ||
|---|---|---|---|
| 001 | 1697204317 | ||
| 003 | DE-627 | ||
| 005 | 20251001103356.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 200505s2016 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1007/s00199-015-0913-8 |2 doi | |
| 035 | |a (DE-627)1697204317 | ||
| 035 | |a (DE-599)KXP1697204317 | ||
| 035 | |a (OCoLC)1341318483 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 084 | |a 17 |2 sdnb | ||
| 100 | 1 | |a Eichberger, Jürgen |d 1952- |e VerfasserIn |0 (DE-588)129508292 |0 (DE-627)470648538 |0 (DE-576)160838681 |4 aut | |
| 245 | 1 | 0 | |a Randomization and dynamic consistency |c Jürgen Eichberger, Simon Grant, David Kelsey |
| 264 | 1 | |c 2016 | |
| 300 | |a 20 | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 500 | |a Published online: 9 September 2015 | ||
| 500 | |a Gesehen am 05.05.2020 | ||
| 520 | |a Raiffa (Q J Econ 75:690-694, 1961) has suggested that ambiguity aversion will cause a strict preference for randomization. We show that dynamic consistency implies that individuals will be indifferent to ex ante randomizations. On the other hand, it is possible for a dynamically consistent ambiguity averse preference relation to exhibit a strict preference for some ex post randomizations. We argue that our analysis throws some light on the recent debate on the status of the smooth model of ambiguity This debate rests on whether the randomizations implicit in the set-up are viewed as being resolved before or after the (ambiguous) uncertainty. | ||
| 650 | 4 | |a Ambiguity | |
| 650 | 4 | |a Ex ante and ex post randomization | |
| 650 | 4 | |a Dynamic consistency | |
| 650 | 4 | |a Smooth ambiguity | |
| 700 | 1 | |a Grant, Simon |e VerfasserIn |0 (DE-588)171019407 |0 (DE-627)061178039 |0 (DE-576)131847929 |4 aut | |
| 700 | 1 | |a Kelsey, David |e VerfasserIn |0 (DE-588)17025917X |0 (DE-627)060321148 |0 (DE-576)131159569 |4 aut | |
| 773 | 0 | 8 | |i Enthalten in |t Economic theory |d Berlin : Springer, 1991 |g 62(2016), 3, Seite 547-566 |h Online-Ressource |w (DE-627)235503665 |w (DE-600)1398355-6 |w (DE-576)061936103 |x 1432-0479 |7 nnas |a Randomization and dynamic consistency |
| 773 | 1 | 8 | |g volume:62 |g year:2016 |g number:3 |g pages:547-566 |g extent:20 |a Randomization and dynamic consistency |
| 776 | 0 | 8 | |i Erscheint auch als |n Druck-Ausgabe |a Eichberger, Jürgen, 1952 - |t Randomization and dynamic consistency |d 2016 |w (DE-627)867049952 |w (DE-576)9867049950 |
| 856 | 4 | 0 | |u https://doi.org/10.1007/s00199-015-0913-8 |x Verlag |x Resolving-System |z lizenzpflichtig |3 Volltext |
| 951 | |a AR | ||
| 992 | |a 20200505 | ||
| 993 | |a Article | ||
| 994 | |a 2016 | ||
| 998 | |g 129508292 |a Eichberger, Jürgen |m 129508292:Eichberger, Jürgen |d 180000 |d 181000 |e 180000PE129508292 |e 181000PE129508292 |k 0/180000/ |k 1/180000/181000/ |p 1 |x j | ||
| 999 | |a KXP-PPN1697204317 |e 3658631465 | ||
| BIB | |a Y | ||
| SER | |a journal | ||
| JSO | |a {"name":{"displayForm":["Jürgen Eichberger, Simon Grant, David Kelsey"]},"physDesc":[{"extent":"20 S."}],"recId":"1697204317","relHost":[{"id":{"eki":["235503665"],"issn":["1432-0479"],"zdb":["1398355-6"]},"physDesc":[{"extent":"Online-Ressource"}],"pubHistory":["1.1991 -"],"recId":"235503665","note":["Gesehen am 19.02.09"],"origin":[{"publisher":"Springer","dateIssuedKey":"1991","dateIssuedDisp":"1991-","publisherPlace":"Berlin ; Heidelberg ; New York"}],"type":{"bibl":"periodical","media":"Online-Ressource"},"title":[{"title_sort":"Economic theory","title":"Economic theory"}],"part":{"issue":"3","text":"62(2016), 3, Seite 547-566","pages":"547-566","year":"2016","volume":"62","extent":"20"},"language":["eng"],"disp":"Randomization and dynamic consistencyEconomic theory"}],"id":{"eki":["1697204317"],"doi":["10.1007/s00199-015-0913-8"]},"person":[{"family":"Eichberger","display":"Eichberger, Jürgen","given":"Jürgen","role":"aut"},{"role":"aut","given":"Simon","display":"Grant, Simon","family":"Grant"},{"display":"Kelsey, David","family":"Kelsey","given":"David","role":"aut"}],"origin":[{"dateIssuedDisp":"2016","dateIssuedKey":"2016"}],"note":["Published online: 9 September 2015","Gesehen am 05.05.2020"],"type":{"bibl":"article-journal","media":"Online-Ressource"},"title":[{"title_sort":"Randomization and dynamic consistency","title":"Randomization and dynamic consistency"}],"language":["eng"]} | ||
| SRT | |a EICHBERGERRANDOMIZAT2016 | ||