Subjective states: A more robust model

نویسندگان

  • Larry G. Epstein
  • Kyoungwon Seo
چکیده

Following Kreps [11], Nehring [15, 16] and Dekel, Lipman and Rustichini [5], we study the demand for ‡exibility and what it reveals about subjective uncertainty. As in the cited papers, the latter is represented by a subjective state space consisting of possible future preferences over actions to be chosen ex post. One contribution is to provide axiomatic foundations for a range of alternative hypotheses about the nature of these ex post preferences. Secondly, we establish a sense in which the subjective state space is uniquely pinned down by the agent’s ex ante ranking of (random) menus. For both purposes, we show that it is advantageous to assume that the agent ranks random menus, and to think of ex post upper contour sets rather than ex post preferences. Finally, we demonstrate the tractability of our representation by showing that it can model the two comparative notions “2 desires more ‡exibility than 1”and “2 is more averse to ‡exibility-risk than is 1.” Dept. of Economics, U. Rochester, Rochester, NY 14627, [email protected] and [email protected]. Epstein gratefully acknowledges the …nancial support of the NSF (award SES-0611456). We are grateful to Bart Lipman for useful discussions, to Klaus Nehring for informing us about some of his unpublished work, and especially to Massimo Marinacci for showing us how to exploit Choquet’s Theorem.

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

A Robust credibility-based fuzzy programming for supply chain optimization in lean manufacturing environment

Lean manufacturing is a strategic concern for companies which conduct mass production and it has become even more significant for those producing in a project-oriented way by modularization.  In this paper, a bi-objective optimization model is proposed to design and plan a supply chain up to the final assembly centre. The delivery time and the quality in the procurement and low fluctuation of t...

متن کامل

Designing a Robust Control Scheme for Robotic Systems with an Adaptive Observer

This paper introduces a robust task-space control scheme for a robotic system with an adaptive observer. The proposed approach does not require the availability of the system states and an adaptive observer is developed to estimate the state variables. These estimated states are then used in the control scheme. First, the dynamic model of a robot is derived. Next, an observer-based robust contr...

متن کامل

Robust state estimation in power systems using pre-filtering measurement data

State estimation is the foundation of any control and decision making in power networks. The first requirement for a secure network is a precise and safe state estimator in order to make decisions based on accurate knowledge of the network status. This paper introduces a new estimator which is able to detect bad data with few calculations without need for repetitions and estimation residual cal...

متن کامل

Nonlinear Robust Tracking Control of an Underwater Vehicle-Manipulator System

This paper develops an improved robust multi-surface sliding mode controller for a complicated five degrees of freedom Underwater Vehicle-Manipulator System with floating base. The proposed method combines the robust controller with some corrective terms to decrease the tracking error in transient and steady state. This approach improves the performance of the nonlinear dynamic control scheme a...

متن کامل

Development of a Robust Observer for General Form Nonlinear System: Theory, Design and Implementation

The problem of observer design for nonlinear systems has got great attention in the recent literature. The nonlinear observer has been a topic of interest in control theory. In this research, a modified robust sliding-mode observer (SMO) is designed to accurately estimate the state variables of nonlinear systems in the presence of disturbances and model uncertainties. The observer has a simple ...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

عنوان ژورنال:
  • Games and Economic Behavior

دوره 67  شماره 

صفحات  -

تاریخ انتشار 2009