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Are beliefs a matter of taste? A case for Objective Imprecise Information

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Author Info

  • Raphaël Giraud

    (CRESE - Centre de REcherches sur les Stratégies Economiques - Université de Franche-Comté : EA)

  • Jean-Marc Tallon

    ()
    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris)

Abstract

We argue, in the spirit of some of Jean-Yves Jaffray's work, that explicitly incorporating the information, however imprecise, available to the decision maker is relevant, feasible, and fruitful. In particular, we show that it can lead us to know whether the decision maker has wrong beliefs and whether it matters or not, that it makes it possible to better model and analyze how the decision maker takes into account new information, even when this information is not an event and finally that it is crucial when attempting to identify and measure the decision maker's attitude toward imprecise information.

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Bibliographic Info

Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00502781.

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Date of creation: 2011
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Publication status: Published, Theory and Decision, 2011, 71, 1, 23-32
Handle: RePEc:hal:cesptp:halshs-00502781

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00502781
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Related research

Keywords: Decision under uncertainy; Objective Information; Belief Formation; Methodology of Decision Theory;

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References

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  1. Markus K. Brunnermeier & Jonathan A. Parker, 2005. "Optimal Expectations," American Economic Review, American Economic Association, American Economic Association, vol. 95(4), pages 1092-1118, September.
  2. Yann Rébillé, 2005. "Decision making over necessities through the Choquet integral criterion," Cahiers de la Maison des Sciences Economiques, Université Panthéon-Sorbonne (Paris 1) b05088, Université Panthéon-Sorbonne (Paris 1).
  3. I. Gilboa & A. W. Postlewaite & D. Schmeidler., 2009. "Probability and Uncertainty in Economic Modeling," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 10.
  4. David Ahn & Syngjoo Choi & Douglas Gale & Shachar Kariv, 2008. "Estimating Ambiguity Aversion in a Portfolio Choice Experiment," Levine's Working Paper Archive 122247000000001989, David K. Levine.
  5. repec:hal:cesptp:halshs-00102346 is not listed on IDEAS
  6. Feldman, M, 1991. "On the Generic Nonconvergence of Bayesian Actions and Beliefs," Economic Theory, Springer, Springer, vol. 1(4), pages 301-21, October.
  7. Akerlof, George A & Dickens, William T, 1982. "The Economic Consequences of Cognitive Dissonance," American Economic Review, American Economic Association, American Economic Association, vol. 72(3), pages 307-19, June.
  8. Itzhak Gilboa & Andrew Postlewaite & David Schmeidler, 2007. "Probability and Uncertainty in Economic Modeling, Second Version," PIER Working Paper Archive 08-002, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 28 Jan 2008.
  9. Yoram Halevy, 2007. "Ellsberg Revisited: An Experimental Study," Econometrica, Econometric Society, Econometric Society, vol. 75(2), pages 503-536, 03.
  10. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
  11. Wojciech Olszewski, 2007. "Preferences Over Sets of Lotteries -super-1," Review of Economic Studies, Oxford University Press, vol. 74(2), pages 567-595.
  12. Thibault Gajdos & Takashi Hayashi & Jean-Marc Tallon & Jean-Christophe Vergnaud, 2008. "Attitude toward imprecise information," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers), HAL halshs-00451982, HAL.
  13. Ghirardato, Paolo & Maccheroni, Fabio & Marinacci, Massimo, 2004. "Differentiating ambiguity and ambiguity attitude," Journal of Economic Theory, Elsevier, Elsevier, vol. 118(2), pages 133-173, October.
  14. repec:hal:journl:halshs-00086021 is not listed on IDEAS
  15. Thibault Gajdos & Jean-Marc Tallon & Jean-Christophe Vergnaud, 2002. "Decision Making with Imprecise Probabilistic Information," ICER Working Papers - Applied Mathematics Series, ICER - International Centre for Economic Research 18-2003, ICER - International Centre for Economic Research, revised May 2003.
  16. repec:hal:journl:halshs-00197515 is not listed on IDEAS
  17. Nehring, Klaus, 2009. "Imprecise probabilistic beliefs as a context for decision-making under ambiguity," Journal of Economic Theory, Elsevier, Elsevier, vol. 144(3), pages 1054-1091, May.
  18. Tapking, Jens, 2004. "Axioms for preferences revealing subjective uncertainty and uncertainty aversion," Journal of Mathematical Economics, Elsevier, vol. 40(7), pages 771-797, November.
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Citations

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Cited by:
  1. Michèle Cohen & Alain Chateauneuf & Eric Danan & Thibault Gajdos & Raphaël Giraud & Meglena Jeleva & Fabrice Philippe & Jean-Marc Tallon & Jean-Christophe Vergnaud, 2011. "Tribute to Jean-Yves Jaffray July 22, 1939 - February 26, 2009," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers), HAL halshs-00664715, HAL.
  2. Michèle Cohen & Alain Chateauneuf & Eric Danan & Thibault Gajdos & Raphaël Giraud & Meglena Jeleva & Fabrice Philippe & Jean-Marc Tallon & Jean-Christophe Vergnaud, 2011. "Tribute to Jean-Yves Jaffray," Theory and Decision, Springer, Springer, vol. 71(1), pages 1-10, July.
  3. Giraud, Raphaël, 0. "Second order beliefs models of choice under imprecise risk: non-additive second order beliefs vs. nonlinear second order utility," Theoretical Economics, Econometric Society, Econometric Society.
  4. Riedel, Frank & Sass, Linda, 2013. "Ellsberg Games," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order, Verein für Socialpolitik / German Economic Association 80012, Verein für Socialpolitik / German Economic Association.
  5. repec:hal:journl:halshs-00664715 is not listed on IDEAS
  6. Loïc Berger, 2011. "Smooth Ambiguity Aversion in the Small and in the Large," Working Papers ECARES, ULB -- Universite Libre de Bruxelles ECARES 2011-020, ULB -- Universite Libre de Bruxelles.
  7. Stoye, Jörg, 2011. "Axioms for minimax regret choice correspondences," Journal of Economic Theory, Elsevier, Elsevier, vol. 146(6), pages 2226-2251.

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