منابع مشابه
Default Ambiguity: Credit Default Swaps Create New Systemic Risks in Financial Networks∗
We study financial networks and reveal a new kind of systemic risk arising from what we call default ambiguity, i.e., a situation where it is impossible to decide which banks are in default. Specifically, we study the clearing problem: given a network of banks interconnected by financial contracts, determine which banks are in default and what percentage of their liabilities they can pay. Prior...
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Consider the following choice problem, known as “Ellsberg’s three-color urn example”, or simply the “Ellsberg Paradox” (Ellsberg [7]). An urn contains 30 red balls, and 60 green and blue balls, in unspecified proportions; subjects are asked to compare (i) a bet on a red draw vs. a bet on a green draw, and (ii) a bet on a red or blue draw vs. a bet on a green or blue draw. If the subject wins a ...
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I explore some of the issues that arise when trying to establish a connection between the underspecification hypothesis pursued in the NLP literature and work on ambiguity in semantics and in the psychological literature. A theory of underspecification is developed ‘from the first principles’, i.e., starting from a definition of what it means for a sentence to be semantically ambiguous and from...
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The objective of this paper is to show how ambiguity, and a decision maker (DM)’s response to it, can be modelled formally in the context of a general decision model. We introduce a relation derived from the DM’s preferences, called ‘‘unambiguous preference’’, and show that it can be represented by a set of probabilities. We provide such set with a simple differential characterization, and argu...
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According to the well-known distinction attributed to Knight (1921), there are two kinds of uncertainty. The first, called “risk,” corresponds to situations in which all events relevant to decision making are associated with obvious probability assignments (which every decision maker agrees to). The second, called “(Knightian) uncertainty” or (following Ellsberg (1961)) “ambiguity,” corresponds...
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ژورنال
عنوان ژورنال: Risks
سال: 2019
ISSN: 2227-9091
DOI: 10.3390/risks7020064