Decisions, Games and Markets by Erio Castagnoli, Marco Licalzi (auth.), Pierpaolo

By Erio Castagnoli, Marco Licalzi (auth.), Pierpaolo Battigalli, Aldo Montesano, Fausto Panunzi (eds.)

Decisions, video games and Markets is designed to stimulate new advancements in selection idea, video game concept and normal equilibrium concept, in addition to of their purposes to economics. The e-book is split into 3 components - choice idea, video game idea, and the speculation of Markets. even though its orientation is essentially methodological, a few articles are extra utilized. The constant use of formal research and methodological individualism constitutes the unifying subject matter of the ebook. Decisions, video games and Markets should be of substantial curiosity to either scholars and lecturers of microeconomics and video game and choice theory.

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Clearly, the same example shows that Partial Weak Substitution is compatible with violations of the Sure Thing Principle. Loosely speaking, the Maximum Likelihood rule uses information, or observations, in statistical terms, to reduce ambiguity as much as possible, while the Generalized Bayesian rule uses information only to ensure that beliefs are not openly contradicted by evidence. In this sense, the Maximum Likelihood rule attaches more "weight" to observation, and less to the DM's prior beliefs, than the Generalized Bayesian rule does.

We establish the following preliminary result, which we state in terms of a generic preference relation satisfying the CEU axioms. Suppose a preference relation t reveals Uncertainty A version and there exist x,y,Z E Y such that x >- Y and XEZ '" YEZ. Then Vx',Y' E Y, x' t Y' ~ x'eY' '" y'. Proof. Since we assume t satisfies the CEU axioms, we can base our argument on its functional representation; note that the representing measure 1/ is convex: hence, in particular, I/(E) + 1/(5 - E) ~ I/(S) = 1.

Suppose a class C 1 of (nondegenerate) conditional preference relations satisfying the MME U axioms is generated by the Generalized Bayesian Rule. Then Consistency, Relevance and Partial Weak Substitution hold on C 1 . In the Ellsberg example, Generalized Bayesian Updating leaves us with GB(K, E) and GB(K, S - E) {ql'v'A E E,q(A) = p(A n E)/p(E) for somep E I<} {[OOI]}, so Partial Weak Substitution does not impose any restriction (in other words, it holds vacuously). Clearly, the same example shows that Partial Weak Substitution is compatible with violations of the Sure Thing Principle.

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