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Ambiguity and social interaction


Eichberger, Jürgen ; Kelsey, David ; Schipper, Burkhard

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URL: https://madoc.bib.uni-mannheim.de/2548
URN: urn:nbn:de:bsz:180-madoc-25485
Document Type: Working paper
Year of publication: 2007
The title of a journal, publication series: Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung
Volume: 07-19
Place of publication: Mannheim
Edition: Version August 2006
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Sonderforschungsbereich 504 > Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung (Laufzeit 1997 - 2008)
Subject: 300 Social sciences, sociology, anthropology
Classification: JEL: D81 , D62 , D43 , C72,
Subject headings (SWD): Erwarteter Nutzen , Oligopol , Friedenssicherung , Entscheidung bei Unsicherheit , Interaktion , Nichtkooperatives Spiel
Keywords (English): Ambiguity , Optimism , Pessimism , Strategic Game , Oligopoly , Strategic Delegation , Peace-making , Strategic Complements , Choquet Expected Utility
Abstract: We present a non-technical account of ambiguity in strategic games and show how it may be applied to economics and social sciences. Optimistic and pessimistic responses to ambiguity are formally modelled. We show that pessimism has the effect of increasing (decreasing)equilibrium prices under Cournot (Bertrand) competition. In addition the effects of ambiguity on peace-making are examined. It is shown that ambiguity may select equilibria in coordination games with multiple equilibria. Some comparative statics results are derived for the impact of ambiguity in games with strategic complements.




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