Uncertain Decisions: Bridging Theory and Experiments / Edition 1

by Luigi Luini

Overview

Uncertain Decisions: Bridging Theory and Experiments presents advanced directions of thinking on decision theory - in particular the more recent contributions on non-expected utility theory, fuzzy decision theory and case-based theory. This work also provides theoretical insights on measures of risk aversion and on new problems for general equilibrium analysis. It analyzes how the thinking that underlies the theories described above spills over into real decisions, and how the thinking that underlies these real decisions can explain the discrepancies between theoretical approaches and actual behavior. This work elaborates on how the most recent laboratory experiments have become an important source both for evaluating the leading theory of choice and decision, and for contributing to the formation of new models regarding the subject.

Product Details

ISBN-13:	9780792383918
Publisher:	Springer US
Publication date:	11/30/1998
Edition description:	1999
Pages:	351
Product dimensions:	6.10(w) x 9.25(h) x 0.03(d)

Table of Contents

Part I: Non-Expected Utility Theory. 1. Risk and Uncertainty Aversion with Reference to the Theories of Expected Utility, Rank Dependent Expected Utility, and Choquet Expected Utility; A. Montesano. 2. Dynamic Consistency and Non-Expected Utility; U. Segal. 3. Ambiguity-Aversion and Non-Additive Probability: Experimental Evidence, Models and Applications; C. Camerer. Part II: Non-Expected Utility Applications. 4. Consumption, Savings and Asset Returns with Non-Expected Utility; L.G. Epstein. 5. Estimating (Risk) Preference Functionals Using Experimental Methods; J.D. Hey. 6. Randomisation, Mixed Strategies and the Reduction Axiom; M. Bernasconi. 7. Experimental Studies of Signaling Games; F. van Winden. 8. Independence between Events with Non-Additive Probability; N. Dimitri. 9. Fuzzy Decision Theory; A. Billot. 10. An Overview of Case-Based Decision Theory; I. Gilboa, D. Schmeidler. 11. The Recent Advances in Decision Theory under Uncertainty: A Non-Technical Introduction; A. Vercelli. Part IV: Value to Real World: The Experimental Contribution. 12. Decision Theory and Real Decisions: A Research Agenda; K.R. MacCrimmon. 13. Policy and the Use of Laboratory Experimental Methodology in Economics; C.R. Plott. 14. Buyer and Seller Effect Disentangled. An Experiment on the Microstructure of Demand; C. Borelli, et al. Index.

Editorial Reviews

Contains 14 papers from the International Summer School of Economic Research, held at the University of Siena, Italy, in July 1995, examining the relationship between theory and experiments in economic decisions. Focus is on recent work in non-expected utility theory, fuzzy decision theory, and case-based theory. Papers are in sections on non-expected utility theories, applications of non-expected utility, departures from classical decision theory, and experimental papers. Subjects include experimental studies of signaling games, and independence between events with non-additive probability. Annotation c. Book News, Inc., Portland, OR (booknew.com)

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