English, Article, Journal or magazine article edition: An overview of economic applications of David Schmeidler`s models of decision making under uncertainty Sujoy Mukerji; Jean-Marc Tallon

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Bookmark: http://trove.nla.gov.au/version/21394
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • An overview of economic applications of David Schmeidler`s models of decision making under uncertainty
Author
  • Sujoy Mukerji
  • Jean-Marc Tallon
Physical Description
  • preprint
Notes
  • This paper surveys some economic applications of the decision theoretic framework pioneered by David Schmeidler to model effects of ambiguity. We have organized the discussion principally around three themes: financial markets, contractual arrangements and game theory. The first section discusses papers that have contributed to a better understanding of financial market outcomes based on ambiguity aversion. The second section focusses on contractual arrangements and is divided into two sub-sections. The first sub-section reports research on optimal risk sharing arrangements, while in the second sub-section, discusses research on incentive contracts. The third section concentrates on strategic interaction and reviews several papers that have extended different game theoretic solution concepts to settings with ambiguity averse players. A final section deals with several contributions which while not dealing with ambiguity per se, are linked at a formal level, in terms of the pure mathematical structures involved, with Schmeidler`s models of decision making under ambiguity. These contributions involve issues such as, inequality measurement, intertemporal decision making and multi-attribute choice.
  • Ellsberg Paradox, ambiguity aversion, uncertainty aversion
  • RePEc:oxf:wpaper:172
Language
  • English
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