The Resolution of Uncertainty in the Value and Probability Domains
Speaker: Prof Andrew Schotter
Affiliation: New York University
Online via Zoom:https://uqz.zoom.us/j/84008636651
Abstract
We compare preferences for resolution of uncertainty when the uncertainty is resolved over a probability rather than a value. In various existing frameworks–e.g., Kreps and Porteus (1978), preferences over gradual versus one-shot resolution do not depend on whether values or probabilities define the main object of uncertainty. Yet, in our experiment, a large majority of subjects preferred to resolve uncertain values gradually but uncertain probabilities all at once–both with uncertainty defined over gains and losses. We investigate the possible determinants of this discrepancy and propose an explanation for it using what we call “process utility”. Finally, we investigate this idea on a set of experiments, which confirm our theoretical expectations.
About the presenter's meeting
If you would like to meet with Prof Schotter, please contact: Dr Zachary Breig
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