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Beyond Earthquakes: The New Directions of Expected Utility Theory

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  • Felipe Zurita

    ()
    (Instituto de Economía. Pontificia Universidad Católica de Chile.)

Abstract

Over the past two decades or so, an enormous amount of work has been done to improve the Expected Utility model. Two areas have attracted major attention: the possibility of describing unforeseen contingencies and the need to accommodate the kind of behavior referred to in Ellsberg’s paradox. This essay surveys both.

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Paper provided by Instituto de Economia. Pontificia Universidad Católica de Chile. in its series Documentos de Trabajo with number 260.

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Date of creation: 2004
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Publication status: Published as "Beyond Earthquakes: The New Directions of Expected Utility Theory", Cuadernos de Economía, Vol. 42, Nº 126, pp. 209-255, 2005.
Handle: RePEc:ioe:doctra:260

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  1. Arrow, Kenneth J. & Hahn, Frank, 1999. "Notes on Sequence Economies, Transaction Costs, and Uncertainty," Journal of Economic Theory, Elsevier, vol. 86(2), pages 203-218, June.
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  4. Robert J. Aumann, 1999. "Interactive epistemology I: Knowledge," International Journal of Game Theory, Springer, vol. 28(3), pages 263-300.
  5. Epstein, Larry G. & Schneider, Martin, 2003. "Recursive multiple-priors," Journal of Economic Theory, Elsevier, vol. 113(1), pages 1-31, November.
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  7. Spence, A Michael, 1973. "Job Market Signaling," The Quarterly Journal of Economics, MIT Press, vol. 87(3), pages 355-74, August.
  8. Weller, Paul, 1978. "Consistent Intertemporal Decision-making under Uncertainty," Review of Economic Studies, Wiley Blackwell, vol. 45(2), pages 263-66, June.
  9. Radner, Roy, 1979. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Econometrica, Econometric Society, vol. 47(3), pages 655-78, May.
  10. Morris, Stephen, 1995. "The Common Prior Assumption in Economic Theory," Economics and Philosophy, Cambridge University Press, vol. 11(02), pages 227-253, October.
  11. Drew Fudenberg & David K Levine, 2005. "Learning and Belief-Based Trade," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 42(126), pages 199-208.
  12. Martin J. Osborne & Ariel Rubinstein, 1994. "A Course in Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650401, December.
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