Now showing items 1-20 of 20

  • Ambiguity and public good provision in large societies 

    Bailey, Ralph W.; Eichberger, Jürgen; Kelsey, David (Blackwell, 2005-12)
    In this paper, we consider the effect of ambiguity on the private provision of public goods. Equilibrium is shown to exist and be unique. We examine how provision of the public good changes as the size of the population ...
  • Ambiguity and social interaction 

    Eichberger, Jürgen; Kelsey, David; Schipper, Burkhard C. (Oxford University Press, 2003-03)
    We present a non-technical account of ambiguity in strategic games and show how it may be applied to economics and social sciences. Optimistic and pessimistic responses to ambiguity are formally modelled. We show that ...
  • Ambiguity in financial markets: herding and contrarian behaviour 

    Ford, J.L.; Kelsey, David; Pang, Wei (Department of Economics, University of Birmingham, 2006-11)
    The paper studies the impact of ambiguity on history-dependant beahviour in the standard microstructure model of financial markets. We show that differences in ambiguity attitudes between market makers and traders can ...
  • Ambiguity in partnerships 

    Kelsey, David; Spanjers, Willy (Blackwell, 2004-07)
    The consequences of ambiguity for partnerships are addressed. Partnerships with symmetric linear production functions are analysed in a Choquet Expected Utility (CEU)-framework. Nash equilibrium in pure strategies is ...
  • Are the treasures of game theory ambiguous? 

    Eichberger, Jürgen; Kelsey, David (2007-10)
  • Comparing three ways to update Choquet beliefs 

    Eichberger, Jürgen; Grant, Simon; Kelsey, David (Elsevier, 2010-05)
    We analyze three rules for updating neo-additive capacities. Only for Generalized Bayesian Updating is relative optimism the same for both updated and unconditional capacities. For updates of the other two, either the ...
  • An experimental study on the effect of ambiguity in a coordination game 

    Kelsey, David; le Roux, Sara (Springer Verlag, 2015-02-04)
    We report an experimental test of the influence of ambiguity on behaviour in a coordination game. We study the behaviour of subjects in the presence of ambiguity and attempt to determine whether they prefer to choose an ...
  • Externalities, monopoly and the objective function of the firm 

    Kelsey, David; Milne, Frank (University of Birmingham, 2004-07)
    This paper provides a theory of general equilibrium with externalities and/or monopoly. We assume that the firm's decisions are based on the preferences of shareholders and/or other stakeholders. Under these assumptions a ...
  • Granny versus game theorist: an experimental test of ambiguity in games 

    Eichberger, Jürgen; Kelsey, David; Schipper, Burkhard C. (Springer, 2008-03)
    We report on an experiment in which subjects choose actions in strategic games with either strategic complements or substitutes against a granny, a game theorist or other subjects. The games are selected in order to test ...
  • Imperfect competition and corporate governance 

    Kelsey, David; Milne, Frank (Blackwell, 2008-12)
    This paper studies the objective function of the firm in imperfectly competitive industries. If those involved in decisions are also consumers the usual monopoly distortion is reduced. In oligopolistic industries, this may ...
  • Information and ambiguity: herd and contrarian behaviour in financial markets 

    Ford, J.L.; Kelsey, David; Pang, Wei (Springer, 2012)
    The paper studies the impact of informational ambiguity on behalf of informed traders on history-dependent price behaviour in a model of sequential trading in nancial markets. Following Chateauneuf, Eichberger and Grant ...
  • Market distortions and corporate governance 

    Kelsey, David; Milne, Frank (SSRN, 2005-02)
  • Optimism and pessimism in games 

    Eichberger, Jürgen; Kelsey, David (University of Exeter, School of Business and Economics, 2006-11)
  • Optimism and pessimism in games 

    Kelsey, David; Eichberger, Jürgen (Wiley, 2014-05)
    This article considers the impact of ambiguity in strategic situations. It extends the existing literature on games with ambiguity-averse players by allowing for optimistic responses to ambiguity. We use the CEU model of ...
  • Randomization and Dynamic Consistency 

    Kelsey, David; Grant, Simon; Eichberger, Jürgen (Springer Verlag, 2015)
    Raiffa (Q J Econ 75:690–694, 1961) has suggested that ambiguity aversion will cause a strict preference for randomization. We show that dynamic consistency implies that individuals will be indifferent to ex ante randomizations. ...
  • Sequential two-player games with ambiguity 

    Eichberger, Jürgen; Kelsey, David (Blackwell, 2004-11)
    If players' beliefs are strictly nonadditive, the Dempster–Shafer updating rule can be used to define beliefs off the equilibrium path. We define an equilibrium concept in sequential two-person games where players update ...
  • Sharing ambiguous risks 

    Chakravarty, Surajeet; Kelsey, David (Elsevier, 2015-01)
    We analyse risk-sharing when individuals perceive ambiguity about future events. The main departure from previous work is that different individuals perceive ambiguity differently. We show that individuals fail to share ...
  • Strategic complements, substitutes, and ambiguity: the implications for public goods 

    Eichberger, Jürgen; Kelsey, David (Elsevier, 2002-10)
    We examine the effect of ambiguity in symmetric games with aggregate externalities. We find that ambiguity will increase/decrease the equilibrium strategy in games with strategic complements/substitutes and positive ...
  • Takeovers and cooperatives: governance and stability in non-corporate firms 

    Kelsey, David; Milne, Frank (Springer, 2010-04)
    If consumers wholly or partially control a firm with market power they will charge less than the profit maximizing price. Starting at the usual monopoly price, a small price reduction will have a second order effect on ...
  • When is ambiguity-attitude constant? 

    Eichberger, Jürgen; Grant, Simon; Kelsey, David (Springer, 2012)
    This paper studies how updating affects ambiguity attitude. In particular we focus on generalized Bayesian updating of the Jaffray-Philippe sub-class of Choquet Expected Utility preferences. We find conditions for ambiguity ...