Uncertainty in Economic Theory

Uncertainty in Economic Theory

by Itzhak Gilboa (Editor)


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This volume brings together important papers, coupled with new introductions, in the massively influential area of uncertainty in economic theory. Seminal papers are available together for the first time in book format, with new introductions and under the steely editorship of Itzhak Gilboa - this book is a useful reference tool for economists all over the globe.

Product Details

ISBN-13: 9780415654654
Publisher: Taylor & Francis
Publication date: 05/03/2013
Series: Routledge Frontiers of Political Economy Series
Pages: 576
Product dimensions: 6.25(w) x 9.25(h) x 1.17(d)

Table of Contents

List of contributorsxii
Part ITheory1
2Preference axiomatizations for decision under uncertainty20
3Defining ambiguity and ambiguity attitude36
4Introduction to the mathematics of ambiguity46
5Subjective probability and expected utility without additivity108
6Maxmin expected utility with non-unique prior125
7A simple axiomatization of nonadditive expected utility136
8Updating ambiguous beliefs155
9A definition of uncertainty aversion171
10Ambiguity made precise: a comparative foundation209
11Stochastically independent randomization and uncertainty aversion244
12Decomposition and representation of coalitional games261
Part IIApplications281
13An overview of economic applications of David Schmeidler's models of decision making under uncertainty283
14Ambiguity aversion and incompleteness of contractual form303
15Ambiguity aversion and incompleteness of financial markets336
16A quartet of semigroups for model specification, robustness, prices of risk, and model detection364
17Uncertainty aversion, risk aversion, and the optimal choice of portfolio419
18Intertemporal asset pricing under Knightian uncertainty429
19Sharing beliefs: between agreeing and disagreeing472
20Equilibrium in beliefs under uncertainty483
21The right to remain silent522
22On the measurement of inequality under uncertainty531

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