ISBN-10:
0415324947
ISBN-13:
9780415324946
Pub. Date:
08/24/2004
Publisher:
Taylor & Francis
Uncertainty in Economic Theory / Edition 1

Uncertainty in Economic Theory / Edition 1

by Itzhak Gilboa
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Product Details

ISBN-13: 9780415324946
Publisher: Taylor & Francis
Publication date: 08/24/2004
Series: Routledge Frontiers of Political Economy Series , #63
Pages: 576
Product dimensions: 6.25(w) x 9.25(h) x 1.44(d)

Table of Contents

List of contributorsxii
Prefacexv
Part ITheory1
1Introduction3
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
Index541

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