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Are beliefs a matter of taste? A case for objective imprecise information

  • Raphaël Giraud

    ()

  • Jean-Marc Tallon

    ()

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.

(This abstract was borrowed from another version of this item.)

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File URL: http://hdl.handle.net/10.1007/s11238-010-9197-4
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Article provided by Springer in its journal Theory and Decision.

Volume (Year): 71 (2011)
Issue (Month): 1 (July)
Pages: 23-31

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Handle: RePEc:kap:theord:v:71:y:2011:i:1:p:23-31
DOI: 10.1007/s11238-010-9197-4
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  1. Thibault Gadjos & Jean-Marc Tallon & Jean-Christophe Vergnaud, 2002. "Decision Making with Imprecise Probabilistic Information," Working Papers 2002-33, Centre de Recherche en Economie et Statistique.
  2. David Ahn & Syngjoo Choi & Douglas Gale & Shachar Kariv, 2014. "Estimating ambiguity aversion in a portfolio choice experiment," Quantitative Economics, Econometric Society, vol. 5, pages 195-223, 07.
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  12. Halevy, Yoram, 2005. "Ellsberg Revisited: an Experimental Study," Microeconomics.ca working papers halevy-05-07-26-11-51-13, Vancouver School of Economics, revised 25 Feb 2014.
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  14. repec:hal:journl:halshs-00086021 is not listed on IDEAS
  15. Akerlof, George A & Dickens, William T, 1982. "The Economic Consequences of Cognitive Dissonance," American Economic Review, American Economic Association, vol. 72(3), pages 307-19, June.
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