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Ambiguity-aversion and Non-additive Beliefs in Non-Cooperative Games: Experimental Evidence

Camerer, Colin F. and Karjalainen, Risto (1994) Ambiguity-aversion and Non-additive Beliefs in Non-Cooperative Games: Experimental Evidence. In: Models and Experiments in Risk and Rationality. Theory and Decision Library, Series B, Mathematical and Statistical Methods. No.29. Kluwer Academic , Boston, MA, pp. 325-358. ISBN 9780792330318 http://resolver.caltech.edu/CaltechAUTHORS:20110223-082407361

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Abstract

In subjective expected utility (SEU), people choose among acts which have different consequences, depending on which of several uncertain states occurs. Choices between acts therefore reveal implicit beliefs about the likelihood of the states, or "subjective probabilities" (Ramsey, 1931; Savage, 1954). In the SEU framework, the (implicit) likelihoods of different states certainly affects choices, but the ambiguity surrounding that likelihood--the confidence a person has in her judgment of likelihood, or the amount of information on which it is based--should not affect her choices.


Item Type:Book Section
Additional Information:© 1994 Kluwer Academic Publishers.
Record Number:CaltechAUTHORS:20110223-082407361
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20110223-082407361
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:22440
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:08 Mar 2011 23:23
Last Modified:08 Mar 2011 23:23

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