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Essays in behavioral decision theory.

Kovach, Matthew L.

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Essays in behavioral decision theory.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in behavioral decision theory./
Author:	Kovach, Matthew L.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2015,
Description:	121 p.
Notes:	Source: Dissertation Abstracts International, Volume: 78-03(E), Section: A.
Contained By:	Dissertation Abstracts International78-03A(E).
Subject:	Economic theory. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10149621
ISBN:	9781369047189

Essays in behavioral decision theory.
Kovach, Matthew L.

Essays in behavioral decision theory. - Ann Arbor : ProQuest Dissertations & Theses, 2015 - 121 p.

Source: Dissertation Abstracts International, Volume: 78-03(E), Section: A.

Thesis (Ph.D.)--California Institute of Technology, 2015.

This thesis studies decision making under uncertainty and how economic agents respond to information. The classic model of subjective expected utility and Bayesian updating is often at odds with empirical and experimental results; people exhibit systematic biases in information processing and often exhibit aversion to ambiguity. The aim of this work is to develop simple models that capture observed biases and study their economic implications.

ISBN: 9781369047189Subjects--Topical Terms:

1556984
Economic theory.

Essays in behavioral decision theory.
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100 1 $a Kovach, Matthew L. $3 3281294
245 1 0 $a Essays in behavioral decision theory.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2015
300 $a 121 p.
500 $a Source: Dissertation Abstracts International, Volume: 78-03(E), Section: A.
500 $a Advisers: Federico Echenique; Pietro Ortoleva.
502 $a Thesis (Ph.D.)--California Institute of Technology, 2015.
520 $a This thesis studies decision making under uncertainty and how economic agents respond to information. The classic model of subjective expected utility and Bayesian updating is often at odds with empirical and experimental results; people exhibit systematic biases in information processing and often exhibit aversion to ambiguity. The aim of this work is to develop simple models that capture observed biases and study their economic implications.
520 $a In the first chapter I present an axiomatic model of cognitive dissonance, in which an agent's response to information explicitly depends upon past actions. I introduce novel behavioral axioms and derive a representation in which beliefs are directionally updated. The agent twists the information and overweights states in which his past actions provide a higher payoff. I then characterize two special cases of the representation. In the first case, the agent distorts the likelihood ratio of two states by a function of the utility values of the previous action in those states. In the second case, the agent's posterior beliefs are a convex combination of the Bayesian belief and the one which maximizes the conditional value of the previous action. Within the second case a unique parameter captures the agent's sensitivity to dissonance, and I characterize a way to compare sensitivity to dissonance between individuals. Lastly, I develop several simple applications and show that cognitive dissonance contributes to the equity premium and price volatility, asymmetric reaction to news, and belief polarization.
520 $a The second chapter characterizes a decision maker with sticky beliefs. That is, a decision maker who does not update enough in response to information, where enough means as a Bayesian decision maker would. This chapter provides axiomatic foundations for sticky beliefs by weakening the standard axioms of dynamic consistency and consequentialism. I derive a representation in which updated beliefs are a convex combination of the prior and the Bayesian posterior. A unique parameter captures the weight on the prior and is interpreted as the agent's measure of belief stickiness or conservatism bias. This parameter is endogenously identified from preferences and is easily elicited from experimental data.
520 $a The third chapter deals with updating in the face of ambiguity, using the framework of Gilboa and Schmeidler. There is no consensus on the correct way to update a set of priors. Current methods either do not allow a decision maker to make an inference about her priors or require an extreme level of inference. In this chapter I propose and axiomatize a general model of updating a set of priors. A decision maker who updates her beliefs in accordance with the model can be thought of as one that chooses a threshold that is used to determine whether a prior is plausible, given some observation. She retains the plausible priors and applies Bayes' rule. This model includes generalized Bayesian updating and maximum likelihood updating as special cases.
590 $a School code: 0037.
650 4 $a Economic theory. $3 1556984
690 $a 0511
710 2 $a California Institute of Technology. $b Social Science. $3 2093732
773 0 $t Dissertation Abstracts International $g 78-03A(E).
790 $a 0037
791 $a Ph.D.
792 $a 2015
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10149621