10 found
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  1.  28
    Eliciting Ambiguity Aversion in Unknown and in Compound Lotteries: A Smooth Ambiguity Model Experimental Study.Giuseppe Attanasi, Christian Gollier, Aldo Montesano & Noemi Pace - 2014 - Theory and Decision 77 (4):485-530.
    Coherent-ambiguity aversion is defined within the smooth-ambiguity model as the combination of choice-ambiguity and value-ambiguity aversion. Five ambiguous decision tasks are analyzed theoretically, where an individual faces two-stage lotteries with binomial, uniform, or unknown second-order probabilities. Theoretical predictions are then tested through a 10-task experiment. In tasks 1–5, risk aversion is elicited through both a portfolio choice method and a BDM mechanism. In tasks 6–10, choice-ambiguity aversion is elicited through the portfolio choice method, while value-ambiguity aversion comes about through the (...)
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  2. The Price for Information About Probabilities and its Relation with Risk and Ambiguity.Giuseppe Attanasi & Aldo Montesano - 2012 - Theory and Decision 73 (1):125-160.
    In this article, ambiguity attitude is measured through the maximum price a decision maker is willing to pay to know the probability of an event. Two problems are examined in which the decision maker faces an act: in one case, buying information implies playing a lottery, while, in the other case, buying information gives also the option to avoid playing the lottery. In both decision settings, relying on the Choquet expected utility model, we study how the decision maker’s risk and (...)
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  3.  36
    The Risk Aversion Measure Without the Independence Axiom.Aldo Montesano - 1988 - Theory and Decision 24 (3):269-288.
  4.  36
    Uncertainty Aversion and Aversion to Increasing Uncertainty.Aldo Montesano & Francesco Giovannoni - 1996 - Theory and Decision 41 (2):133-148.
  5.  67
    Effects of Uncertainty Aversion on the Call Option Market.Aldo Montesano - 2008 - Theory and Decision 65 (2):97-123.
    This article examines the effects of uncertainty aversion in competitive call option markets using a partial equilibrium model with the Choquet-expected utility setup. We find that the trading volume of a call option is negatively affected by uncertainty aversion, whereas the price of the call is practically independent of it.
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  6.  24
    The Ordinal Utility Under Uncertainty and the Measure of Risk Aversion in Terms of Preferences.Aldo Montesano - 1985 - Theory and Decision 18 (1):73-85.
  7.  14
    On Some Aspects of Decision Theory Under Uncertainty: Rationality, Price-Probabilities and the Dutch Book Argument.Aldo Montesano - 2019 - Theory and Decision 87 (1):57-85.
    Choice under uncertainty is treated in economics by different approaches. We can distinguish three of them, two of which concern individual choice, while the third frames individual choices within the analysis of the social system. The first approach can determine how a rational decision-maker must choose; the second one how a real decision-maker behaves; and the third one how decision-makers are represented in the general economic theory. The main theories that result from these approaches are briefly presented. This paper considers, (...)
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  8.  31
    On the Definition of Risk Aversion.Aldo Montesano - 1990 - Theory and Decision 29 (1):53-68.
  9.  19
    On the Twofold Meaning of Rationality in Economics.Aldo Montesano - 1993 - International Studies in the Philosophy of Science 7 (1):65 – 67.
  10.  41
    Uncertainty with Partial Information on the Possibility of the Events.Aldo Montesano - 2001 - Theory and Decision 51 (2/4):183-195.
    The Choquet expected utility model deals with nonadditive probabilities (or capacities). Their dependence on the information the decision-maker has about the possibility of the events is taken into account. Two kinds of information are examined: interval information (for instance, the percentage of white balls in an urn is between 60% and 100%) and comparative information (for instance, the information that there are more white balls than black ones). Some implications are shown with regard to the core of the capacity and (...)
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