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David Kelsey

Bio: David Kelsey is an academic researcher from University of Exeter. The author has contributed to research in topics: Ambiguity & Ambiguity aversion. The author has an hindex of 28, co-authored 115 publications receiving 2359 citations. Previous affiliations of David Kelsey include Queen's University & University of Birmingham.


Papers
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Journal ArticleDOI
TL;DR: The concept of an “equilibrium under uncertainty” which is introduced in this paper extends the equilibrium notion of Dow and Werlang to n -player games in strategic form and existence of such an equilibrium is demonstrated under usual conditions.

178 citations

Journal ArticleDOI
01 Mar 1988
TL;DR: In this article, a simple account of nonlinear dynamics focusing on cycles and chaos is given, and the case where a chaotic system is subject to exogenous random shocks is discussed.
Abstract: This paper gives a simple account of nonlinear dynamics, focusing on cycles and chaos. There is a survey of economic models that involve chaos. The case where a chaotic system is subject to exogenous random shocks is discussed. Copyright 1988 by Royal Economic Society.

132 citations

Journal ArticleDOI
TL;DR: In this article, the authors introduce E-capacities as a representation of beliefs which incorporates objective information about the probability of events, and show that the Choquet integral of an E-capacity is the Ellsberg representation.
Abstract: Ellsberg's (1961) famous paradox shows that decision-makers give events with ‘known’ probabilities a higher weight in their outcome evaluation. In the same article, Ellsberg suggests a preference representation which has intuitive appeal but lacks an axiomatic foundation. Schmeidler (1989) and Gilboa (1987) provide an axiomatisation for expected utility with non-additive probabilities. This paper introduces E-capacities as a representation of beliefs which incorporates objective information about the probability of events. It can be shown that the Choquet integral of an E-capacity is the Ellsberg representation. The paper further explores properties of this representation of beliefs and provides an axiomatisation for them.

109 citations

Journal ArticleDOI
TL;DR: In this article, the impact of ambiguity in the best-shot and weakest-link models of public good provision was analyzed theoretically and empirically, and it was shown that subjects tend to choose contributions above (respectively, below) the Nash equilibrium in the weakest link model.
Abstract: This paper studies the impact of ambiguity in the best-shot and weakest-link models of public good provision. The models are first analyzed theoretically. Then, we conduct experiments to study how ambiguity affects behavior in these games. We test whether subjects' perception of ambiguity differs between a local opponent and a foreign one. We find that an ambiguity-safe strategy is often chosen by subjects. This is compatible with the hypothesis that ambiguity aversion influences behavior in games. Subjects tend to choose contributions above (respectively, below) the Nash equilibrium in the best-shot (respectively, weakest-link) model.

108 citations

Journal ArticleDOI
TL;DR: The authors apply Pires's coherence property between unconditional and conditional preferences that admit a CEU representation, and show that the conditional preference may be obtained from the unconditional preference by taking the Full Bayesian Update of the capacity.

105 citations


Cited by
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Journal ArticleDOI
TL;DR: In this paper, a judge in some representative American jurisdiction is assumed to accept the main uncontroversial constitutive and regulative rules of the law in his jurisdiction and to follow earlier decisions of their court or higher courts whose rationale, as l
Abstract: 1.. HARD CASES 5. Legal Rights A. Legislation . . . We might therefore do well to consider how a philosophical judge might develop, in appropriate cases, theories of what legislative purpose and legal principles require. We shall find that he would construct these theories in the same manner as a philosophical referee would construct the character of a game. I have invented, for this purpose, a lawyer of superhuman skill, learning, patience and acumen, whom I shall call Hercules. I suppose that Hercules is a judge in some representative American jurisdiction. I assume that he accepts the main uncontroversial constitutive and regulative rules of the law in his jurisdiction. He accepts, that is, that statutes have the general power to create and extinguish legal rights, and that judges have the general duty to follow earlier decisions of their court or higher courts whose rationale, as l

2,050 citations

01 Jan 2016

1,538 citations

Journal ArticleDOI
TL;DR: The authors contend that this temporal pattern to the experience of regret is multiply determined, and present a framework to organize the divergent causal mechanisms that are responsible for it.
Abstract: This article reviews evidence indicating that there is a temporal pattern to the experience of regret. Actions, or errors of commission, generate more regret in the short term; but inactions, or errors of omission, produce more regret in the long run. The authors contend that this temporal pattern is multiply determined, and present a framework to organize the divergent causal mechanisms that are responsible for it. In particular, this article documents the importance of psychological processes that (a) decrease the pain of regrettable action over time, (b) bolster the pain of regrettable inaction over time, and (c) differentially affect the cognitive availability of these two types of regrets. Both the functional and cultural origins of how people think about regret are discussed.

945 citations

Journal ArticleDOI
TL;DR: In this article, the effects of regret on decision making under uncertainty are discussed, focusing on choice between gambles, consumer decision making, and interpersonal decision-making, and it is shown that anticipated regret can promote risk-averse and risk-seeking choices.
Abstract: This paper addresses the effects of the anticipation of regret on decision making under uncertainty. Regret is a negative, cognitively based emotion that we experience when realizing or imagining that our present situation would have been better, had we decided differently. The experience of post-decisional regret is for a large part conditional on the knowledge of the outcomes of the rejected alternatives. A series of studies is reviewed in which it is shown that whether or not decision makers expect post-decisional feedback on rejected alternatives has a profound influence on the decisions they make. These studies, focusing on choice between gambles, consumer decision making and interpersonal decision making, also show that anticipated regret can promote risk-averse as well as risk-seeking choices. This review of empirical studies is followed by a discussion of the conditions under which we can expect the anticipation of regret to take place. Copyright © 1999 John Wiley & Sons, Ltd.

700 citations

Book ChapterDOI
01 Jan 1976

679 citations