Do Markets Prove Pessimists Right?

Eichberger, Jürgen; Guerdjikova, Ani

doi:10.1111/iere.12336

Cited by 6 publications

(2 citation statements)

References 82 publications

(121 reference statements)

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“…For an economy with asset markets where investors have to allocate funds between a safe and a risky asset, Eichberger and Guerdjikova [2018] study how ambiguity and ambiguity attitudes affect asset prices when consumers form expectations based on a data set of past observations. In an overlapping generations economy they describe limiting asset prices depending on the proportion of op-timistic and pessimistic investor types.…”

Section: Applications Of Case-based Predictionsmentioning

confidence: 99%

Case-Based Decision Theory: From the Choice of Actions to Reasoning about Theories

Eichberger¹,

Guerdjikova²

2020

Revue Économique

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In the 1990's David Schmeidler and Itzhak Gilboa initiated the study of decision making under uncertainty in a completely new framework, without states but with data sets as the information on which to build choice behavior. While the first formulations of Case-Based Decision Theory (CBDT) aimed at applications in economic decision making, this theory which takes data as a primitive concept provides an alternative foundation for deriving beliefs and driving the choice of predictions. This opened a new perspective on old questions in statistics and artificial intelligence. In this review, we summarize these developments in Case-Based Decision Theory and highlight the immensely innovative nature of David Schmeidler's academic work.Dans les années 1990's David Schmeidler et Itzhak Gilboa ont introduit un nouvel cadre d'analyse des décisions sous incertitude: les bases des données se substituent aux états du monde comme primitive du modèle et informent le choix du décideur. Au début la théorie de décision au cas-parcas était orientée principalement vers des applications économiques, mais ses méthodes se sont avérées aussi pertinentes pour l'analyse des croyances et des prédictions statistiques. Ceci a ouvert des nouvelles perspectives sur des questions classiques en statistique et en intelligence artificielle. Dans cet article, nous passons en revue ces développements et mettons en avance le caractère extrêmement novateur des travaux académiques de David Schmeidler.

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Section: Applications Of Case-based Predictionsmentioning

confidence: 99%

Case-Based Decision Theory: From the Choice of Actions to Reasoning about Theories

Eichberger¹,

Guerdjikova²

2020

Revue Économique

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“…While following his research program in decision theory, Ju ¨rgen Eichberger has always remained interested in economic applications, both as inspiration for purely theoretical work, as well as a testing ground for the soundness of a theory. He has worked on models of public good provision, Eichberger and Kelsey (2002), auctions, Vinogradov (2015, 2016), speculative trade, Dominiak et al (2012), financial markets, Eichberger and Guerdjikova (2018), adaptation to climate change, Eichberger and Guerdjikova (2012).…”

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confidence: 99%

Special Issue on Ambiguity and Strategic Interactions in Honor of Jürgen Eichberger

Dominiak

Guerdjikova

2021

Theory Decis

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To honor the amazing career of Ju ¨rgen Eicheberger, this special issue collects ten articles in the field to which he has been actively contributing throughout his career: decision-making under uncertainty. We briefly summarize his academic career, his merits and his achievement in making the new and unorthodox approaches intuitive and broadly applicable in economics. While doing so, we relate the articles of this volume to his contributions.Ju ¨rgen Eichberger graduated in economics from the University in Mannheim in 1977. He started his academic career working on general equilibrium models under the supervision of Volker Bo ¨hm. He defended his dissertation on temporary equilibria with financial institutions, Eichberger (1984), and has continued working on the topic of uncertainty and regulation in financial markets throughout his career (see Eichberger, 1989, Eichberger and Summer, 2005.In 1984, after an assistant professorship at the University of Western Ontario, Ju ¨rgen Eichberger accepted a lecturer position at the Australian National University. A request to teach a seminar on game theory sparked his interest in the field. There, he also started the fruitful collaboration with David Kelsey and Simon Grant on decision-making under uncertainly with non-additive beliefs and their applications to games and financial markets. Afterwards, Ju ¨rgen Eichberger held positions at the

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The evolutionary stability of optimism, pessimism, and complete ignorance

Schipper

2021

Theory Decis

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Do Markets Prove Pessimists Right?

Cited by 6 publications

References 82 publications

Case-Based Decision Theory: From the Choice of Actions to Reasoning about Theories

Case-Based Decision Theory: From the Choice of Actions to Reasoning about Theories

Special Issue on Ambiguity and Strategic Interactions in Honor of Jürgen Eichberger

The evolutionary stability of optimism, pessimism, and complete ignorance

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