Related papers: Revealed Incomplete Preferences
We design and implement lab experiments to evaluate the normative appeal of behavior arising from models of ambiguity-averse preferences. We report two main empirical findings. First, we demonstrate that behavior reflects an incomplete…
If uncertainty is modelled by a probability measure, decisions are typically made by choosing the option with the highest expected utility. If an imprecise probability model is used instead, this decision rule can be generalised in several…
We investigate approval-based committee voting with incomplete information about the approval preferences of voters. We consider several models of incompleteness where each voter partitions the set of candidates into approved, disapproved,…
Can stated preferences inform counterfactual analyses of actual choice? This research proposes a novel approach to researchers who have access to both stated choices in hypothetical scenarios and actual choices, matched or unmatched. The…
Preferences for mixing can reveal ambiguity perception and attitude on a single event. The validity of the approach is discussed for multiple preference classes including maxmin, maxmax, variational, and smooth second-order preferences. An…
Over time, there have hen refinements in the way that probability distributions are used for representing beliefs. Models which rely on single probability distributions depict a complete ordering among the propositions of interest, yet…
Choice functions constitute a simple, direct and very general mathematical framework for modelling choice under uncertainty. In particular, they are able to represent the set-valued choices that typically arise from applying decision rules…
We investigate the problem of approximating an incomplete preference relation $\succsim$ on a finite set by a complete preference relation. We aim to obtain this approximation in such a way that the choices on the basis of two preferences,…
We study preferences estimated from finite choice experiments and provide sufficient conditions for convergence to a unique underlying "true" preference. Our conditions are weak, and therefore valid in a wide range of economic environments.…
We represent preferences that exhibit absolute or relative attitudes towards ambiguity without assuming convexity of preferences. Our analysis is motivated by the recent experimental evidence by Baillon and Placido (2019) indicating that…
This paper studies lying in a novel context. Previous work has focused on situations in which people are either fully aware of the economic consequences of all available actions (e.g., die-under-cup paradigm), or they are uncertain, but…
When does society eventually learn the truth, or take the correct action, via observational learning? In a general model of sequential learning over social networks, we identify a simple condition for learning dubbed excludability.…
This paper develops a framework to study the statistical power of revealed-preference tests. With randomly sampled budgets and mild smoothness of demand, statistical learning implies that any model consistent with the data must approximate…
The consumers' willingness to pay plays an important role in economic theory and in setting policy. For a market, this function can often be estimated from observed behavior -- preferences are revealed. However, economists would like to…
Senders of messages prefer to communicate uncertainty verbally (e.g., something is likely to happen) rather than numerically (such as 75%), leaving receivers with imprecise information. While it is well established that receivers translate…
We consider a simple model of imprecise comparisons: there exists some $\delta>0$ such that when a subject is given two elements to compare, if the values of those elements (as perceived by the subject) differ by at least $\delta$, then the…
We study elections where voters are faced with the challenge of expressing preferences over an extreme number of issues under consideration. This is largely motivated by emerging blockchain governance systems, which include voters with…
We extend Berge's Maximum Theorem to allow for incomplete preferences. We first provide a simple version of the Maximum Theorem for convex feasible sets and a fixed preference. Then, we show that if, in addition to the traditional…
Can AI agents predict whether they will succeed at a task? We study agentic uncertainty by eliciting success probability estimates before, during, and after task execution. All results exhibit agentic overconfidence: some agents that…
Uncertainty may be taken to characterize inferences, their conclusions, their premises or all three. Under some treatments of uncertainty, the inferences itself is never characterized by uncertainty. We explore both the significance of…