Decision making and trade without probabilities

DOI10.1007/S00199-011-0644-4zbMATH Open1277.91062OpenAlexW2169053096MaRDI QIDQ641833FDOQ641833

Authors: John Dickhaut, Radhika Lunawat, Kira Pronin, Jack Douglas Stecher 

Publication date: 25 October 2011

Published in: Economic Theory (Search for Journal in Brave)

Full work available at URL: https://cirano.qc.ca/files/publications/2007s-21.pdf

Recommendations

• No-trade in the laboratory
• No trade
• Sealed bid auctions with uncertainty averse bidders
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zbMATH Keywords

ambiguityKnightian uncertaintyauctionsprice formationmarket for lemonswinners' curse

Mathematics Subject Classification ID

Decision theory (91B06) Auctions, bargaining, bidding and selling, and other market models (91B26) Utility theory (91B16)

Cites Work

• Title not available (Why is that?)
• Estimating ambiguity aversion in a portfolio choice experiment
• Uncertainty Aversion, Risk Aversion, and the Optimal Choice of Portfolio
• Uncertainty and Risk in Financial Markets
• Ambiguity and rational expectations equilibria
• Sealed bid auctions with ambiguity: theory and experiments
• Informational efficiency with ambiguous information
• Core and equilibria under ambiguity
• Liquidity and asset prices in rational expectations equilibrium with ambiguous information
• Nonlinear behavior in sealed bid first price auctions
• Ambiguity aversion and trade
• Machines, Computations, and Universality
• Almost-objective uncertainty
• Ambiguity and the value of information: An almost-objective events analysis
• `Expected utility \(/\) subjective probability' analysis without the sure-thing principle or probabilistic sophistication

Cited In (6)

• Agreement theorem for neo-additive beliefs
• Zero-Intelligence Trading Without Resampling
• Market failure in light of non-expected utility
• A full characterization of Nash implementation with strategy space reduction
• Ambiguity aversion and trade
• Risk, ambiguity, and state-preference theory

Uses Software

• Z-Tree

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