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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/2755
URN: urn:nbn:de:bsz:180-madoc-27552
Document Type: Working paper
Year of publication: 2003
The title of a journal, publication series: Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung
Volume: 03-30
Place of publication: Mannheim
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: 330 Economics
Classification: JEL: C72 D81 D62 D43 ,
Subject headings (SWD): Erwarteter Nutzen , Oligopol , Friedenssicherung , Entscheidung bei Unsicherheit , Interaktion , Nichtkooperatives Spiel
Keywords (English): Ambiguity , optimism , oligopoly , peace processes , Choquet expected utility
Abstract: We examine the impact of ambiguity on economic behaviour. We present a relatively non-technical account of ambiguity and show how it may be applied in economics. 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. We also examine the effects of ambiguity on peace processes. It is shown that ambiguity can act to 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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