WebAn α-maxmin multiple-priors expected utility framework is developed to solve for the option value of rail transit investment under Knightian uncertainty. We find that the threshold for investment varies with the ambiguity attitudes (i.e., pessimism or optimism) ... WebThe theory of subjective expected utility (SEU) has been recently extended to allow ambiguity to matter for choice. We propose a notion of absolute ambiguity aversion by …
17 - Maxmin Expected Utility - Cambridge Core
Web2 apr. 2024 · Gilboa, I., & Schmeidler, D. (1989). Maxmin Expected Utility with Non-Unique Prior. Journal of Mathematical Economics, 18, 141-153. WebStarting with the seminal paper of Gilboa and Schmeidler (1989) [32] an analogy between the maxmin approach of decision theory under ambiguity and the minimax approach of robust statistics – e.g., Blum and Rosenblatt (1967) [10] – has been hinted at. The present paper formally clarifies this relation by showing the conditions under which the two … killara public school uniform
Uncertainty in Economic Theory - 1st Edition - Itzhak Gilboa - Routle
Web25 mrt. 2024 · Preferences over acts have an α-Maxmin Expected Utility (α-MEU) representation if they can be represented by the α-mixture of the worst and the best … WebMaxmin expected utility with non-unique prior. In Uncertainty in Economic Theory: Essays in Honor of David Schmeidler's 65th Birthday. Routledge. 2004. p. 125-135 doi: … WebAn α-maxmin multiple-priors expected utility framework is developed to solve for the option value of rail transit investment under Knightian uncertainty. We find that the … killara public school review