Journal ArticleJournal of Economic Theory · June 1, 2024
We enrich an evolutionary model with common and idiosyncratic uncertainty as in Robson (1996) by allowing for hidden actions (or phenotypic flexibility). In contexts where common uncertainty is ambiguous and idiosyncratic uncertainty is risky, the model ge ...
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Journal ArticleEconometrica · January 1, 2018
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To study intertemporal decisions under risk, we develop a new recursive model of non-expected-utility preferences. The main axiom of our analysis is called mixture aversion, as it captures a dislike of probabilistic mixtures of lotteries. Our representatio ...
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Scholarly Edition · November 14, 2016
We propose nonparametric definitions of absolute and comparative naiveté. These definitions leverage ex-ante choice of menu to identify predictions of future behavior and ex-post (random) choices from menus to identify actual behavior. The main advantage o ...
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Journal ArticleTheoretical Economics · May 1, 2015
We study preferences for timing of resolution of objective uncertainty in a menu-choice model with two stages of information arrival. We characterize a general class of utility representations called hidden action representations, which interpret an intrin ...
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Journal ArticleJournal of Mathematical Analysis and Applications · October 1, 2010
Suppose (i) X is a separable Banach space, (ii) C is a convex subset of X that is a Baire space (when endowed with the relative topology) such that aff(C) is dense in X, and (iii) f:C→R is locally Lipschitz continuous and convex. The Fenchel-Moreau duality ...
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Journal ArticleEconometrica · July 1, 2010
We study preferences over menus which can be represented as if the individual is uncertain of her tastes, but is able to engage in costly contemplation before selecting an alternative from a menu. Since contemplation is costly, our key axiom, aversion to c ...
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Journal ArticleEconometrica · January 1, 2008
We study preferences over menus which can be represented as if the agent selects an alternative from a menu and experiences regret if her choice is ex post inferior. Since regret arises from comparisons between the alternative selected and the other availa ...
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Journal ArticleEconometrica · March 1, 2007
Dekel, Lipman and Rustichini (2001) (henceforth DLR) axiomatically characterized three representations of preferences that allow for a desire for flexibility and/or commitment. In one of these representations (ordinal expected utility), the independence ax ...
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Journal ArticleGames and Economic Behavior · August 1, 2006
We study a version of the multipopulation replicator dynamics, where each population is comprised of multiple subpopulations. We establish that correlated equilibrium is a natural solution concept in this setting. Specifically, we show that every correlate ...
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