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Robustifying the Classical Model of Risk Preferences and Beliefs

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  • Machina, Mark J
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    Abstract

    Robustify. To identify the analytical aspects of a model that continue to hold under more genral conditions. This usually requires expressing the model and its results in a particular manner as statements that may be logically equivalent under the assumptions of a given model can differ widely in their robustness to dropping these assumptions. E.g., "By expressing the classical expected utility/subjective probability model in event-theoretic therms, tis asic concepts, tools and results can be locally and globally robustified to general 'event-smooth' preferences over subjectively uncertain acts that do not necessarily exhibit either expected utility risk preferences or probabilistic beliefs."

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    File URL: http://www.escholarship.org/uc/item/1xt4c2qb.pdf;origin=repeccitec
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    Bibliographic Info

    Paper provided by Department of Economics, UC San Diego in its series University of California at San Diego, Economics Working Paper Series with number qt1xt4c2qb.

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    Date of creation: 13 Mar 2002
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    Handle: RePEc:cdl:ucsdec:qt1xt4c2qb

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    Keywords: Risk;

    References

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    1. Berck, Peter & Perloff, Jeffrey M, 1982. "An Open-Access Fishery with Rational Expectations," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt876499mq, Department of Agricultural & Resource Economics, UC Berkeley.
    2. Sethi, Gautam & Costello, Christopher & Fisher, Anthony & Hanemann, Michael & Karp, Larry, 2005. "Fishery management under multiple uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 300-318, September.
    3. Anthony Scott, 1955. "The Fishery: The Objectives of Sole Ownership," Journal of Political Economy, University of Chicago Press, vol. 63, pages 116.
    4. Doyle, Matthew & Singh, Rajesh & Weninger, Quinn, 2006. "Fisheries Management with Stock Uncertainty and Costly Capital Adjustment," Staff General Research Papers 12770, Iowa State University, Department of Economics.
    5. Walker, James M. & Gardner, Roy & Ostrom, Elinor, 1990. "Rent dissipation in a limited-access common-pool resource: Experimental evidence," Journal of Environmental Economics and Management, Elsevier, vol. 19(3), pages 203-211, November.
    6. Newell, Richard G. & Sanchirico, James N. & Kerr, Suzi, 2005. "Fishing quota markets," Journal of Environmental Economics and Management, Elsevier, vol. 49(3), pages 437-462, May.
    7. Reed, William J., 1979. "Optimal escapement levels in stochastic and deterministic harvesting models," Journal of Environmental Economics and Management, Elsevier, vol. 6(4), pages 350-363, December.
    8. Christopher Costello & Stephen Polasky & Andrew Solow, 2001. "Renewable resource management with environmental prediction," Canadian Journal of Economics, Canadian Economics Association, vol. 34(1), pages 196-211, February.
    9. James Kirkley & Catherine Morrison Paul & Dale Squires, 2002. "Capacity and Capacity Utilization in Common-pool Resource Industries," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 22(1), pages 71-97, June.
    10. Pindyck, Robert S, 1984. "Uncertainty in the Theory of Renewable Resource Markets," Review of Economic Studies, Wiley Blackwell, vol. 51(2), pages 289-303, April.
    11. Richard M. Adams & Stephen Polasky, 1998. "The Value of El Ni´┐Żo Forecasts in the Management of Salmon: A Stochastic Dynamic Assessment," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(4), pages 765-777.
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    Cited by:
    1. Machina, Mark J, 2001. "Almost-Objective Uncertainty," University of California at San Diego, Economics Working Paper Series qt3ps1k85f, Department of Economics, UC San Diego.
    2. Marciano Siniscalchi, 2003. "A Behavioral Characterization of Plausible Priors," Discussion Papers 1365, Northwestern University, Center for Mathematical Studies in Economics and Management Science.

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