Result: AMBIGUITY IN THE SMALL AND IN THE LARGE

Title:
AMBIGUITY IN THE SMALL AND IN THE LARGE
Authors:
GHIRARDATO, Paolo, SINISCALCHI, Marciano
Source:
Econometrica. 80(6):2827-2847
Publisher Information:
Oxford: Wiley-Blackwell, 2012.
Publication Year:
2012
Physical Description:
print, 1 p.1/4
Original Material:
INIST-CNRS
Subject Terms:
Control theory, operational research, Automatique, recherche opérationnelle, Mathematics, Mathématiques, Sciences exactes et technologie, Exact sciences and technology, Sciences et techniques communes, Sciences and techniques of general use, Mathematiques, Mathematics, Analyse mathématique, Mathematical analysis, Calcul des variations et contrôle optimal, Calculus of variations and optimal control, Probabilités et statistiques, Probability and statistics, Statistiques, Statistics, Applications, Assurances, économie, finance, Insurance, economics, finance, Analyse numérique. Calcul scientifique, Numerical analysis. Scientific computation, Analyse numérique, Numerical analysis, Méthodes numériques en programmation mathématique, optimisation et calcul variationnel, Numerical methods in mathematical programming, optimization and calculus of variations, Optimisation et calcul variationnel numériques, Numerical methods in optimization and calculus of variations, Analyse numérique, Numerical analysis, Análisis numérico, Calcul variationnel, Variational calculus, Cálculo de variaciones, Econométrie, Econometrics, Econometría, Indépendance, Independence, Independencia, Loi a priori, Prior distribution, Ley a priori, Méthode optimisation, Optimization method, Método optimización, Méthode statistique, Statistical method, Método estadístico, Optimisation, Optimization, Optimización, Programmation mathématique, Mathematical programming, Programación matemática, Théorie préférence, Preference theory, Teoría preferencia, 49XX, 65K10, 65Kxx, Ambiguity, Clarke differential, optimization, unambiguous preference
Document Type:
Academic journal Article
File Description:
text
Language:
English
Author Affiliations:
Collegio Carlo Alberto, Via Real Collegio 30, 10024 Moncalieri (TO), Italy
Economics Dept., Northwestern University, 2001 Sheridan Rd., Evanston, IL 60208, United States
ISSN:
0012-9682
Access URL:
http://pascal-francis.inist.fr/vibad/index.php?action=search&terms=26751784
Rights:
Copyright 2014 INIST-CNRS
CC BY 4.0
Sauf mention contraire ci-dessus, le contenu de cette notice bibliographique peut être utilisé dans le cadre d’une licence CC BY 4.0 Inist-CNRS / Unless otherwise stated above, the content of this bibliographic record may be used under a CC BY 4.0 licence by Inist-CNRS / A menos que se haya señalado antes, el contenido de este registro bibliográfico puede ser utilizado al amparo de una licencia CC BY 4.0 Inist-CNRS
Notes:
Mathematics
Accession Number:
edscal.26751784
Database:
PASCAL Archive

Further Information

This paper considers local and global multiple-prior representations of ambiguity for preferences that are (i) monotonic, (ii) Bernoullian, that is, admit an affine utility representation when restricted to constant acts, and (iii) locally Lipschitz continuous. We do not require either certainty independence or uncertainty aversion. We show that the set of priors identified by Ghirardato, Maccheroni, and Marinacci's (2004) unambiguous preference relation can be characterized as a union of Clarke differentials. We then introduce a behavioral notion of locally better deviation at an act and show that it characterizes the Clarke differential of the preference representation at that act. These results suggest that the priors identified by these preference statements are directly related to (local) optimizing behavior.