Search Results - "Machina, Mark J."

Risk, Ambiguity, and the Rank-Dependence Axioms by Machina, Mark J.

“…Choice problems in the spirit of Ellsberg (1961) suggest that rank-dependent ("Choquet expected utility") preferences over subjective gambles might be subject…”
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Ambiguity Aversion with Three or More Outcomes by Machina, Mark J.

“…Ambiguous choice problems which involve three or more outcome values can reveal aspects of ambiguity and ambiguity aversion which cannot be displayed in the…”
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'Expected Utility / Subjective Probability' Analysis without the Sure-Thing Principle or Probabilistic Sophistication by Machina, Mark J.

“…The basic analytical concepts, tools and results of the classical expected utility/subjective probability model of risk preferences and beliefs under…”
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Event-Separability in the Ellsberg urn by Machina, Mark J.

“…Ellsberg's three-color urn involves two distinct sources of uncertainty—the color composition of the urn (which is subjective) and the identity of the drawn…”
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"Expected Utility" Analysis without the Independence Axiom by Machina, Mark J.

“…Experimental studies have shown that the key behavioral assumption of expected utility theory, the so-called "independence axiom," tends to be systematically…”
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Dynamic Consistency and Non-Expected Utility Models of Choice Under Uncertainty by Machina, Mark J.

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Almost-Objective Uncertainty by Machina, Mark J.

“…Every subjective state space with Euclidean structure contains almost-objective events which arbitrarily closely approximate the properties of objectively…”
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Decision-Making in the Presence of Risk by Machina, Mark J.

“…Proposed in the 18th century by Cramer and Bernoulli and formally axiomatized in the 20th century by von Neumann and Morgenstern and others, the expected…”
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A More Robust Definition of Subjective Probability by Machina, Mark J., Schmeidler, David

“…The goal of choice-theoretic derivations of subjective probability is to separate a decision maker's underlying beliefs (subjective probabilities of events)…”
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Structural attribution of observed volatility clustering by Granger, Clive W.J., Machina, Mark J.

“…Virtually all nonlinear economic models with independent, identically distributed stochastic shocks and time-invariant structural parameters will generate…”
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Payoff Kinks in Preferences over Lotteries by MACHINA, MARK J.

“…This paper identifies two distinct types of payoff kinks that can be exhibited by preference functions over monetary lotteries—"locally separable" vs. "locally…”
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Choice Under Uncertainty: Problems Solved and Unsolved by Machina, Mark J.

“…Fifteen years ago, the theory of choice under uncertainty could be considered one of the “success stories” of economic analysis: it rested on solid axiomatic…”
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Bayes without Bernoulli: Simple Conditions for Probabilistically Sophisticated Choice by Machina, Mark J., Schmeidler, David

“…Anscombe and Aumann (Ann. Math. Statist.34 (1963), 199-205) demonstrated that introducing an objective randomizing device into the Savage setting of purely…”
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Increasing Risk: Some Direct Constructions by MACHINA, MARK J., PRATT, JOHN W.

“…This article extends the classic Rothschild-Stiglitz characterization of comparative risk ("increasing risk") in two directions. By adopting a more general…”
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A Challenge To The "Econoclasts": A Commentary on "Rationality for Economists?" by MACHINA, MARK J.

“…When a researcher of such outstanding accomplishment in the theory and empirics of the classical economic model as Daniel McFadden (1999) presents such a…”
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Barrett and Arntzenius's infinite decision puzzle by MACHINA, Mark J

“…The Barrett and Arntzenius (1999) decision paradox involves unbounded wealth, the relationship between period-wise and sequence-wise dominance, and an…”
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Non-Expected Utility and the Robustness of the Classical Insurance Paradigm by MACHINA, MARK J.

“…This paper uses the tools and techniques of generalized expected utility analysis to explore the robustness of some of the classical basic results in insurance…”
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Rationality for Economists? by McFADDEN, DANIEL

“…Rationality is a complex behavioral theory that can be parsed into statements about preferences, perceptions, and process. This paper looks at the evidence on…”
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Bounded Rationality Modeling by Munier, Bertrand, Selten, Reinhard, Bouyssou, Denis, Bourgine, Paul, Day, Richard, Harvey, Nigel, Hilton, Denis, Machina, Mark J., Parker, Phil, Sterman, Hon, Sterman, J., Weber, Elke, Wernerfelt, Birger, Wensley, Robin

“…This paper deals with bounded rationality as a way to describe behavior and focuses on the question of how to build such boundedly rational models. The first…”
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Two errors in the ?Allais Impossibility Theorem? by Machina, Mark J

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