منابع مشابه
Learning Under Ambiguity
This paper considers learning when the distinction between risk and ambiguity (Knightian uncertainty) matters. Working within the framework of recursive multiple-priors utility, the paper formulates a counterpart of the Bayesian model of learning about an uncertain parameter from conditionally i.i.d. signals. Ambiguous signals capture differences in information quality that cannot be captured b...
متن کاملSupplementary Appendix to LEARNING UNDER AMBIGUITY ∗
This appendix provides a detailed treatment of the portfolio choice problem studied in our paper “Learning under Ambiguity”, filling in details of calculations that were omitted in the text of the paper.
متن کاملLearning Under Compound Risk vs . Learning Under Ambiguity - An Experiment . 1
We design and conduct an economic experiment to investigate the learning process of the agents under compound risk and under ambiguity. We gather data for subjects choosing between lotteries involving risky and ambiguous urns. Decisions are made in conjunction with a sequence of random draws with replacement, allowing us to estimate the beliefs of the agents at different moments in time. For ea...
متن کاملLearning and Generalization under Ambiguity: An fMRI Study
Adaptive behavior often exploits generalizations from past experience by applying them judiciously in new situations. This requires a means of quantifying the relative importance of prior experience and current information, so they can be balanced optimally. In this study, we ask whether the brain generalizes in an optimal way. Specifically, we used Bayesian learning theory and fMRI to test whe...
متن کاملPortfolio Choice Under Ambiguity
This paper provides an intersection between portfolio choice theory and the elicitation of preferences under uncertainty. Theories of financial markets build on portfolio choice theory, which generally assumes that preferences are of a particularly simple kind, while research on preferences has revealed that people have more sophisticated preferences. This paper brings the two fields together b...
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ژورنال
عنوان ژورنال: Review of Economic Studies
سال: 2007
ISSN: 0034-6527,1467-937X
DOI: 10.1111/j.1467-937x.2007.00464.x