Choice under uncertainty with the best and worst in mind : neo-additive capacities


Chateauneuf, Alain ; Eichberger, Jürgen ; Grant, Simon


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URL: http://ub-madoc.bib.uni-mannheim.de/2773
URN: urn:nbn:de:bsz:180-madoc-27733
Document Type: Working paper
Year of publication: 2003
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: D81 ,
Subject headings (SWD): Mikroökonomie , Verhalten , Entscheidung bei Unsicherheit
Keywords (English): optimism , pessimism , Choquet expected utility , portfolio choice
Abstract: The concept of a non-extreme-outcome-additive capacity (neo-additive capacity ) is introduced. Neo-additive capacities model optimistic and pessimistic attitudes towards uncer-tainty as observed in many experimental studies. Moreover, neo-additive capacities can be applied easily in economic problems, as we demonstrate by examples. This paper provides an axiomatisation of Choquet expected utility with neo-capacities in a framework of purely subjective uncertainty.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Chateauneuf, Alain ; Eichberger, Jürgen ; Grant, Simon (2003) Choice under uncertainty with the best and worst in mind : neo-additive capacities. Open Access [Working paper]
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