Titlebook: Economics of Pessimism and Optimism; Theory of Knightian Kiyohiko G. Nishimura,Hiroyuki Ozaki Book 2017 Springer Japan KK 2017 Decision th

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Decision-Theoretic Foundations of Knightian Uncertainty,nomic agents exhibit aversion to Knightian uncertainty in opportunities of decision-making. One of the main objectives of this chapter is to characterize the behaviors of such agents by some set of behavioral axioms that are imposed directly on their primitive preferences over “acts.”

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Monetary Equilibria and Knightian Uncertainty,ca 60: 197–204 (1992)) Dow and Werlang (.), (J Econ Dyn Control 22: 357–368 (1998)) Tallon (.), (J Math Econ 61: 953–957 (2000)) Chateauneuf et al. (.), and (Econ Theo 23: 569–587 (2004))Dana (.), one of the most important findings in the existing literature is that indeterminacy of equilibria can b

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Dynamic Programming, (2002). Dynamic programming with upper semi-continuous stochastic aggregator. Adv. Math. Econ 4:25–39 (Ozaki (.)) developed a theory of stochastic dynamic programming by generalizing the expectation operator . to a more abstract operator ., which maps a measurable function to another measurable fun

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Search and Knightian Uncertainty,uce her to search longer and more intensively, or shorter and less intensively? The answer to this question has utmost importance both in macroeconomics concerning the aggregate unemployment rate and microeconomics explaining worker behavior.

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A Simple Characterization of Pessimism and Optimism: ,-Contamination Versus ,-Exuberance,ture and at other times excessively pessimistic. Bulls and bears on Wall Street often have starkly different views about the markets even though the available information is not so different among them. People on Main Street often switch from optimism to pessimism and . quite easily even though ther

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Book 2017and optimistic (ε-exuberant) behaviors under Knightian uncertainty and  people’s inherent pessimism (surprise aversion) and optimism (surprise loving).  Those characterizations are shown to be useful in understanding several observed behaviors in the global financial crisis and in its aftermath.  Th

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