Decision making and trade without probabilities

DOI10.1007/S00199-011-0644-4MaRDI QIDQ641833zbMATH OpenOpenAlexFDO

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

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)

Recommendations

• No-trade in the laboratory
• No trade
• Sealed bid auctions with uncertainty averse bidders
• Ambiguity aversion in first-price sealed-bid auctions
• Nonlinear behavior in sealed bid first price auctions

Cites work

• scientific article; zbMATH DE number 1795154 (Why is no real title available?)
• Almost-objective uncertainty
• Ambiguity and rational expectations equilibria
• Ambiguity and the value of information: An almost-objective events analysis
• Ambiguity aversion and trade
• Core and equilibria under ambiguity
• Estimating ambiguity aversion in a portfolio choice experiment
• Informational efficiency with ambiguous information
• Liquidity and asset prices in rational expectations equilibrium with ambiguous information
• Machines, Computations, and Universality
• Nonlinear behavior in sealed bid first price auctions
• Sealed bid auctions with ambiguity: theory and experiments
• Uncertainty Aversion, Risk Aversion, and the Optimal Choice of Portfolio
• Uncertainty and Risk in Financial Markets
• `Expected utility \(/\) subjective probability' analysis without the sure-thing principle or probabilistic sophistication

Cited in

(6)

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

Describes a project that uses

Uses Software

• Z-Tree

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