Ignorance and competence in choices under uncertainty

dc.contributor.authorCasaca, Paulo
dc.contributor.authorChateauneuf, Alain
dc.contributor.authorJOSÉ HELENO FARO
dc.coverage.cidadeNão informadopt_BR
dc.coverage.paisNão Informadopt_BR
dc.creatorCasaca, Paulo
dc.creatorChateauneuf, Alain
dc.date.accessioned2022-08-13T13:31:42Z
dc.date.available2022-08-13T13:31:42Z
dc.date.issued2014
dc.description.abstractWe propose a model of decision making that captures reluctance to bet when the decision maker (DM) perceives that she lacks adequate information or expertise about the underlying contingencies. On the other hand, the same DM can prefer to bet in situations where she feels specially knowledgeable or competent even if the underlying contingencies have vague likelihoods. This separation in terms of sources of uncertainty is motivated by the Heath and Tversky’s competence hypothesis as well as by the Fox and Tversky’s comparative ignorance effect. Formally, we characterize preference relations % over Anscombe – Aumann acts represented by J (f) = min p∈C  A u(f)dp + max p∈C A c u(f)dp, where u is an affine utility index on consequences, C is a nonempty, convex and (weak∗ ) compact subset of probabilities measures, and A is a referential chance event. In this model there is a clear separation of ambiguity attitudes. The case E ⊂ A captures possible familiar target events while the case E ⊂ A c might refer to the case of relative ignorance concerning related contingencies. This model captures a special case of event dependence of ambiguity attitudes in which the well known maxmin model is a special case. We also characterize the case where we have a Choquet Expected Utility representation. Journal of Economic Literature Classification Number: D81.pt_BR
dc.format.extentp. 143-150pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doihttps://doi.org/10.1016/j.jmateco.2014.02.005pt_BR
dc.identifier.issn3044068pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/3977
dc.identifier.volume54pt_BR
dc.language.isoInglêspt_BR
dc.publisherElsevierpt_BR
dc.relation.ispartofJournal of Mathematical Economicspt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subjectAmbiguitypt_BR
dc.subjectCompetence hypothesispt_BR
dc.subjectComparative ignorance effectpt_BR
dc.subjectMaxmin preferencespt_BR
dc.subjectChoquet expected utilitypt_BR
dc.titleIgnorance and competence in choices under uncertaintypt_BR
dc.typejournal article
dspace.entity.typePublication
local.identifier.sourceUrihttps://www.sciencedirect.com/science/article/pii/S0304406814000330?via%3Dihub
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublication6f68f2a4-9e10-4c94-a5e8-62ba771c81d7
relation.isAuthorOfPublication.latestForDiscovery6f68f2a4-9e10-4c94-a5e8-62ba771c81d7

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