A reformulation of the maxmin expected utility model with application to agency theory

DOI10.1016/J.JMATECO.2008.07.008MaRDI QIDQ999737zbMATH OpenOpenAlexFDO

Authors Edi Karni

Publication date 10 February 2009

Published in Journal of Mathematical Economics (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.jmateco.2008.07.008

zbMATH Keywords

maxmin expected utilitymoral hazardprincipal-agent theory

Mathematics Subject Classification ID

Utility theory (91B16) Other game-theoretic models (91A40)

Recommendations

• Agency theory: choice-based foundations of the parametrized distribution formulation
• The principal-agent problem with smooth ambiguity
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• Maxmin expected utility with non-unique prior
• Publication:4938546

Cites work

• scientific article; zbMATH DE number 41812 (Why is no real title available?)
• scientific article; zbMATH DE number 3531161 (Why is no real title available?)
• A Definition of Subjective Probability
• A Smooth Model of Decision Making under Ambiguity
• Agency theory: choice-based foundations of the parametrized distribution formulation
• Ambiguity Aversion, Robustness, and the Variational Representation of Preferences
• Differentiating ambiguity and ambiguity attitude
• Maxmin expected utility with non-unique prior
• Moral hazard and conditional preferences
• Risk, ambiguity and the Savage axioms
• Subjective Probability and Expected Utility without Additivity
• Subjective expected utility theory without states of the world

Cited in

(6)

• Ambiguity, optimism, and pessimism in adverse selection models
• Optimality in an OLG model with nonsmooth preferences
• Additive representations over actions and acts
• Agency theory: choice-based foundations of the parametrized distribution formulation
• Incentive contracting under ambiguity aversion
• scientific article; zbMATH DE number 47464 (Why is no real title available?)

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