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11.24 [学术午餐会]Imprecise preferences: A model and a measurement
发布时间：2015-11-20
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题目：Imprecise preferences: A model and a measurement
时间：2015年11月24日 12:30
地点：后主楼1610室
演讲嘉宾：Qiu Jianying 荷兰内梅亨大学
讲座摘要：
Imprecision in preferences has been used to explain a broad range of anomalies. Surprisingly, there are no measures with proper material incentives and formal models are rare. In this paper we propose a model of imprecise preferences with an axiomatic foundation. Imprecise preferences are captured by individuals having not a single but a set of utility functions. Individuals perform standard expected utility calculations given any specific utility function and take subjective expectation a concave transformation of the standard expected utilities as to the set of utility functions. Based on the model, an incentive compatible mechanism to measure the imprecision in preferences is developed. We also shown that two empirical puzzles ？ the willingness-to-pay and willingness-to-ask (WTP-WTA) gap as well as the present bias ？ are natural consequences of imprecise preferences.