On Machina’s paradoxes and limited attention
Author
Abstract
Suggested Citation
DOI: 10.1007/s40505-019-00179-z
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Anastasia Burkovskaya, 2022.
"A model of state aggregation,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 73(1), pages 121-149, February.
- Burkovskaya, Anastasia, 2017. "A Model of State Aggregation," Working Papers 2017-12, University of Sydney, School of Economics.
- Olivier L’Haridon & Lætitia Placido, 2010.
"Betting on Machina’s reflection example: an experiment on ambiguity,"
Theory and Decision, Springer, vol. 69(3), pages 375-393, September.
- Olivier L'Haridon & Laetitia Placido, 2008. "Betting on Machina's reflection example : an Experiment on Ambiguity," Working Papers hal-00580032, HAL.
- Olivier L'Haridon & Laetitia Placido, 2010. "Betting on Machina's reflection example: an experiment on ambiguity," PSE-Ecole d'économie de Paris (Postprint) hal-00528380, HAL.
- Olivier L'Haridon & Laetitia Placido, 2010. "Betting on Machina's reflection example: an experiment on ambiguity," Post-Print hal-00528380, HAL.
- L’Haridon, Olivier & Placido, Lætitia, 2008. "Betting on Machina's reflection example: an experiment on ambiguity," HEC Research Papers Series 909, HEC Paris.
- Olivier L'Haridon & Laetitia Placido, 2010. "Betting on Machina's reflection example: an experiment on ambiguity," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00528380, HAL.
- Aurelien Baillon & Olivier L'Haridon & Laetitia Placido, 2011.
"Ambiguity Models and the Machina Paradoxes,"
American Economic Review, American Economic Association, vol. 101(4), pages 1547-1560, June.
- Laetitia Placido & Aurélien Baillon & Olivier L'Haridon, 2011. "Ambiguity models and the Machina paradoxes," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00645899, HAL.
- Laetitia Placido & Aurélien Baillon & Olivier L'Haridon, 2011. "Ambiguity models and the Machina paradoxes," Post-Print hal-00645899, HAL.
- Laetitia Placido & Aurélien Baillon & Olivier L'Haridon, 2011. "Ambiguity models and the Machina paradoxes," PSE-Ecole d'économie de Paris (Postprint) hal-00645899, HAL.
- Segal, Uzi, 1987.
"The Ellsberg Paradox and Risk Aversion: An Anticipated Utility Approach,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(1), pages 175-202, February.
- Uzi Segal, 1985. "The Ellsberg Paradox and Risk Aversion: An Anticipated Utility Approach," UCLA Economics Working Papers 362, UCLA Department of Economics.
- Florian H. Schneider & Martin Schonger, 2019. "An Experimental Test of the Anscombe–Aumann Monotonicity Axiom," Management Science, INFORMS, vol. 65(4), pages 1667-1677, April.
- Florian Schneider & Martin Schonger, 2015. "An experimental test of the Anscombe-Aumann Monotonicity axiom," ECON - Working Papers 207, Department of Economics - University of Zurich, revised May 2017.
- Ghirardato, Paolo & Maccheroni, Fabio & Marinacci, Massimo, 2004. "Differentiating ambiguity and ambiguity attitude," Journal of Economic Theory, Elsevier, vol. 118(2), pages 133-173, October.
- Gary Charness & Edi Karni & Dan Levin, 2007.
"Individual and group decision making under risk: An experimental study of Bayesian updating and violations of first-order stochastic dominance,"
Journal of Risk and Uncertainty, Springer, vol. 35(2), pages 129-148, October.
- Charness, Gary B & Karni, Edi, 2007. "Individual and Group Decision Making Under Risk: An Experimental Study of Bayesian Updating and Violations of First-order Stochastic Dominance," University of California at Santa Barbara, Economics Working Paper Series qt4gr7j8z8, Department of Economics, UC Santa Barbara.
- Gilboa, Itzhak & Schmeidler, David, 1989.
"Maxmin expected utility with non-unique prior,"
Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
- Gilboa, Itzhak & Schmeidler, David, 1986. "Maxmin Expected Utility with a Non-Unique Prior," Foerder Institute for Economic Research Working Papers 275405, Tel-Aviv University > Foerder Institute for Economic Research.
- Itzhak Gilboa & David Schmeidler, 1989. "Maxmin Expected Utility with Non-Unique Prior," Post-Print hal-00753237, HAL.
- Mark J. Machina, 2014. "Ambiguity Aversion with Three or More Outcomes," American Economic Review, American Economic Association, vol. 104(12), pages 3814-3840, December.
- Daniel Kahneman & Amos Tversky, 2013.
"Prospect Theory: An Analysis of Decision Under Risk,"
World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127,
World Scientific Publishing Co. Pte. Ltd..
- Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
- Michael Birnbaum, 2005. "A Comparison of Five Models that Predict Violations of First-Order Stochastic Dominance in Risky Decision Making," Journal of Risk and Uncertainty, Springer, vol. 31(3), pages 263-287, December.
- Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2005.
"A Smooth Model of Decision Making under Ambiguity,"
Econometrica, Econometric Society, vol. 73(6), pages 1849-1892, November.
- Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2002. "A smooth model of decision making under ambiguity," ICER Working Papers - Applied Mathematics Series 11-2003, ICER - International Centre for Economic Research, revised Apr 2003.
- Sujoy Mukerji & Peter Klibanoff & Northwesern University Massimo Marinacci & Dip. di Satistic e Matematica Applicata & Universita di Torino and ICER, 2002. "A Smooth Model of Decision,Making Under Ambiguity," Economics Series Working Papers 113, University of Oxford, Department of Economics.
- Fabio Maccheroni & Massimo Marinacci & Aldo Rustichini, 2006.
"Ambiguity Aversion, Robustness, and the Variational Representation of Preferences,"
Econometrica, Econometric Society, vol. 74(6), pages 1447-1498, November.
- Fabio Maccheroni & Massimo Marinacci & Aldo Rustichini, 2004. "Ambiguity Aversion, Robustness, and the Variational Representation of Preferences," Carlo Alberto Notebooks 12, Collegio Carlo Alberto, revised 2006.
- Gul, Faruk, 1991. "A Theory of Disappointment Aversion," Econometrica, Econometric Society, vol. 59(3), pages 667-686, May.
- Schmeidler, David, 1989.
"Subjective Probability and Expected Utility without Additivity,"
Econometrica, Econometric Society, vol. 57(3), pages 571-587, May.
- David Schmeidler, 1989. "Subjective Probability and Expected Utility without Additivity," Levine's Working Paper Archive 7662, David K. Levine.
- David Dillenberger & Uzi Segal, 2015.
"Recursive Ambiguity And Machina'S Examples,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 56, pages 55-61, February.
- David Dillenberger & Uzi Segal, 2012. "Recursive Ambiguity and Machina's Examples," Boston College Working Papers in Economics 800, Boston College Department of Economics.
- Dertwinkel-Kalt, Markus & Köster, Mats, 2015.
"Violations of first-order stochastic dominance as salience effects,"
Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 59(C), pages 42-46.
- Dertwinkel-Kalt, Markus & Köster, Mats, 2015. "Violations of first-order stochastic dominance as salience effects," DICE Discussion Papers 189, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Anastasia Burkovskaya & Adam Teperski & Kadir Atalay, 2022. "Framing and insurance choices," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 89(2), pages 311-337, June.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Fan Wang, 2022. "Rank-Dependent Utility Under Multiple Priors," Management Science, INFORMS, vol. 68(11), pages 8166-8183, November.
- Evren, Özgür, 2019. "Recursive non-expected utility: Connecting ambiguity attitudes to risk preferences and the level of ambiguity," Games and Economic Behavior, Elsevier, vol. 114(C), pages 285-307.
- Keiran Sharpe, 2023. "On the Ellsberg and Machina paradoxes," Theory and Decision, Springer, vol. 95(4), pages 539-573, November.
- Christoph Bühren & Fabian Meier & Marco Pleßner, 2023. "Ambiguity aversion: bibliometric analysis and literature review of the last 60 years," Management Review Quarterly, Springer, vol. 73(2), pages 495-525, June.
- Ying He, 2021. "Revisiting Ellsberg’s and Machina’s Paradoxes: A Two-Stage Evaluation Model Under Ambiguity," Management Science, INFORMS, vol. 67(11), pages 6897-6914, November.
- Adam Dominiak & Jean-Philippe Lefort, 2021. "Ambiguity and Probabilistic Information," Management Science, INFORMS, vol. 67(7), pages 4310-4326, July.
- Dillenberger, David & Segal, Uzi, 2017.
"Skewed noise,"
Journal of Economic Theory, Elsevier, vol. 169(C), pages 344-364.
- David Dillenberger & Uzi Segal, 2013. "Skewed Noise," Boston College Working Papers in Economics 843, Boston College Department of Economics, revised 26 Jul 2016.
- David Dillenberger & Uzi Segal, 2015. "Skewed Noise," PIER Working Paper Archive 15-015, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- David Dillenberger & Uzi Segal, 2013. "Skewed Noise," PIER Working Paper Archive 13-066, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- König-Kersting, Christian & Kops, Christopher & Trautmann, Stefan T., 2023. "A test of (weak) certainty independence," Journal of Economic Theory, Elsevier, vol. 209(C).
- Laurent Denant-Boemont & Olivier L’Haridon, 2013.
"La rationalité à l'épreuve de l'économie comportementale,"
Revue française d'économie, Presses de Sciences-Po, vol. 0(2), pages 35-89.
- Laurent Denant-Boèmont & Olivier l'Haridon, 2013. "La rationalité à l’épreuve de l’économie comportementale," Economics Working Paper Archive (University of Rennes & University of Caen) 201323, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
- Laurent Denant-Boèmont & Olivier L’haridon, 2013. "La rationalité à l'épreuve de l'économie comportementale," Post-Print halshs-00921070, HAL.
- Florian H. Schneider & Martin Schonger, 2019. "An Experimental Test of the Anscombe–Aumann Monotonicity Axiom," Management Science, INFORMS, vol. 65(4), pages 1667-1677, April.
- David Dillenberger & Uzi Segal, 2015.
"Recursive Ambiguity And Machina'S Examples,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 56(1), pages 55-61, February.
- David Dillenberger & Uzi Segal, 2012. "Recursive Ambiguity and Machina's Examples," Boston College Working Papers in Economics 800, Boston College Department of Economics.
- Stefan Trautmann & Peter P. Wakker, 2018. "Making the Anscombe-Aumann approach to ambiguity suitable for descriptive applications," Journal of Risk and Uncertainty, Springer, vol. 56(1), pages 83-116, February.
- Karni, Edi & Maccheroni, Fabio & Marinacci, Massimo, 2015. "Ambiguity and Nonexpected Utility," Handbook of Game Theory with Economic Applications,, Elsevier.
- Jewitt, Ian & Mukerji, Sujoy, 2017.
"Ordering ambiguous acts,"
Journal of Economic Theory, Elsevier, vol. 171(C), pages 213-267.
- Ian Jewitt & Sujoy Mukerji, 2011. "Ordering Ambiguous Acts," Economics Series Working Papers 553, University of Oxford, Department of Economics.
- Sujoy Mukerji & Ian Jewitt, 2017. "Ordering Ambiguous Acts," Working Papers 828, Queen Mary University of London, School of Economics and Finance.
- Blavatskyy, Pavlo R., 2013. "Two examples of ambiguity aversion," Economics Letters, Elsevier, vol. 118(1), pages 206-208.
- Ilke Aydogan & Loïc Berger & Valentina Bosetti & Ning Liu, 2023.
"Three Layers of Uncertainty,"
Journal of the European Economic Association, European Economic Association, vol. 21(5), pages 2209-2236.
- Ilke Aydogan & Loïc Berger & Valentina Bosetti & Ning Liu, 2022. "Three layers of uncertainty," Working Papers hal-03031751, HAL.
- Ilke Aydogan & Loïc Berger & Valentina Bosetti & Ning Liu, 2023. "Three Layers of Uncertainty," Post-Print hal-04370968, HAL.
- Ilke AYDOGAN & Loïc BERGER & Valentina BOSETTI & Ning LIU, 2022. "Three layers of uncertainty," Working Papers 2022-iRisk-01, IESEG School of Management.
- Frick, Mira & Iijima, Ryota & Le Yaouanq, Yves, 2019.
"Boolean Representations of Preferences under Ambiguity,"
Rationality and Competition Discussion Paper Series
173, CRC TRR 190 Rationality and Competition.
- Mira Frick & Ryota Iijima & Yves Le Yaouanq, 2019. "Boolean Representations of Preferences under Ambiguity," Cowles Foundation Discussion Papers 2180R, Cowles Foundation for Research in Economics, Yale University, revised Jul 2019.
- Mira Frick & Ryota Iijima & Yves Le Yaouanq, 2019. "Dispersed Behavior and Perceptions in Assortative Societies," Cowles Foundation Discussion Papers 2180, Cowles Foundation for Research in Economics, Yale University.
- Madhav Chandrasekher & Mira Frick & Ryota Iijima & Yves Le Yaouanq, 2022.
"Dual‐Self Representations of Ambiguity Preferences,"
Econometrica, Econometric Society, vol. 90(3), pages 1029-1061, May.
- Madhav Chandrasekher & Mira Frick & Ryota Iijima & Yves Le Yaouanq, 2019. "Dual-self Representations of Ambiguity Preferences," Cowles Foundation Discussion Papers 2180R2, Cowles Foundation for Research in Economics, Yale University, revised Oct 2020.
- Madhav Chandrasekher & Mira Frick & Ryota Iijima & Yves Le Yaouanq, 2019. "Dual-self Representations of Ambiguity Preferences," Cowles Foundation Discussion Papers 2180R3, Cowles Foundation for Research in Economics, Yale University, revised Jun 2021.
- Ghirardato, Paolo & Siniscalchi, Marciano, 2018. "Risk sharing in the small and in the large," Journal of Economic Theory, Elsevier, vol. 175(C), pages 730-765.
More about this item
Keywords
Limited attention; Ambiguity paradoxes; Uncertainty; State aggregation; FOSD violations;All these keywords.
JEL classification:
- D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:etbull:v:8:y:2020:i:2:d:10.1007_s40505-019-00179-z. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.