Probabilistic representation of complexity

Article Abstract:

A probabilistic model to study behavior in a deterministic environment is given, which allows the agent to cope with the inability to think through all contingencies in advance and covers all patterns an agent perceives but allows the possibility that there may be details that is missed out. Even though implied behavior is rational it also expresses a preference for flexibility being consistent with an agent who believes the environment is too complex to allow precise planning and overlooks finely detailed contingent rules in favor of vaguer plans

Analysis, Economics, Economic theory, Rationality

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Auctions with uncertain numbers of bidders

Article Abstract:

The responses of bidders and sellers to ambiguity about the number of bidders in the first price auction (FPA) and the second price auction (SPA) with independent private valuations are investigated. It is found that bidders prefer the number of bidders to be revealed in the FPA, are indifferent between revealing and concealing in the SPA, and prefer the SPA to the FPA.

Letting of contracts, Competitive bidding, Auctions

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Maxmin expected utility over savage acts with a set of priors

Article Abstract:

An axiomatic foundation for a maxmin expected utility over Savage acts with a set of priors is presented.

Economic research, Observations

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