The Institute for Mathematical Behavioral Sciences Colloquium Series presents

“Ambiguity Aversion with Three or More Outcomes”
with Mark J. Machina, Department of Economics, UC San Diego

Thursday, November 7, 2013
4:00–5:00 p.m.
Social Science Plaza A, Room 2112

Ambiguous choice problems which involve three or more outcome values can reveal aspects of ambiguity and ambiguity aversion which cannot be displayed in the classic two-outcome Ellsberg urn problems, and hence are not always captured by models designed to accommodate them. These aspects include Allais-type preferences over purely subjective acts, attitudes toward different sources involving different amounts of ambiguity, and attitudes toward ambiguity at different outcome levels (or in gains versus losses). This talk presents a few such examples, and examines the standard models’ predictions and performance in such cases.
For further information, please contact Joanna Kerner at kernerj@uci.edu.

 

© UC Irvine School of Social Sciences - 3151 Social Sciences Plaza, Irvine, CA 92697-5100 - 949.824.2766