Economic interactions under Knightian uncertainty [microform]
- Bib ID:
- 3283799
- Format:
- Book and Microform
- Author:
- Ryan, Matthew Joseph
- Description:
- 180 p.
- ISBN:
- 0591906953
- Summary:
-
This dissertation is composed of four separate essays upon the theme of economic interactions in environments involving unquantifiable risk, or "Knightian uncertainty". The first two essays examine the interface between the issue of identifying agents' beliefs on the one hand, and that of updating those beliefs on the other. It is shown that game theorists working within non-SEU (Subjective Expected Utility) frameworks have often dealt with these two issues in a disharmonious fashion. In particular, beliefs are shown to break down upon the receipt of information consistent with remaining on the equilibrium path, creating a problem for extensive form solution concepts. Some resolutions to this problem are explored.
The third essay employs a particular non-SEU decision theory to re-evaluate the plausibility of randomized behavior in equilibria of 2 x 2 games. Finally, in the fourth essay, which is distinguished from the other three by incorporating parametric equilibrium features, a model of entrepreneurial behavior is developed based on psychological attitudes to Knightian uncertainty. This model is used to study certain issues in equilibrium job selection, the process of innovation, and business cycles.
- Notes:
-
- (UnM)AAI9837279
- Source: Dissertation Abstracts International, Volume: 59-06, Section: A, page: 2135.
- Director: David G. Pearce.
- Thesis (Ph.D.)--Yale University, 1998.
- Reproduction:
- Microfiche. Ann Arbor, Mich.: University Microfilms International.
- Subject:
- Economics, Theory
- Other authors/contributors:
- Yale University
- Copyright:
-
In Copyright
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Copyright status was determined using the following information:
- Material type:
- Literary Dramatic Musical
- Published status:
- Unpublished
- Creation date:
- 1998
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