• Media type: Report; E-Book
  • Title: Choice under uncertainty with the best and worst in mind: Neo-additive capacities
  • Contributor: Chateauneuf, Alain [Author]; Eichberger, Jürgen [Author]; Grant, Simon [Author]
  • Published: Heidelberg: University of Heidelberg, Department of Economics, 2003
  • Language: English
  • Keywords: Verhaltensökonomik ; optimism ; pessimism ; Entscheidung unter Unsicherheit ; portfolio choice ; Theorie ; D81 ; Choquet expected utility
  • Origination:
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  • Description: The concept of a non-extreme-outcome-additive capacity (neo-additive capacity ) is introduced. Neo-additive capacities model optimistic and pessimistic attitudes towards uncertainty as observed in many experimental studies. Moreover, neo-additive capacities can be applied easily in economic problems, aswe demonstrate by examples. This paper provides an axiomatisation of Choquet expected utility with neo-capacities in a framework of purely subjective uncertainty.
  • Access State: Open Access