NDLI: Hidden actions and preferences for timing of resolution of uncertainty (Sarver, Todd;Ergin, Haluk)

Content Provider	EconStor
Author	Sarver, Todd Ergin, Haluk
Copyright Year	2015
Abstract	We study preferences for timing of resolution of objective uncertainty in a menu-choice model with two stages of information arrival. We characterize a general class of utility representations called hidden action representations, which interpret an intrinsic preference for timing of resolution of uncertainty as if an unobservable action is taken between the resolution of the two periods of information arrival. These representations permit a richer class of preferences for timing than was possible in the model of Kreps and Porteus (1978) by incorporating a preference for flexibility. Our model contains several special cases where this hidden action can be given a novel economic interpretation.
Starting Page	489
Ending Page	541
Page Count	53
File Format	PDF
ISSN	15557561
Journal	Theoretical Economics
Volume Number	10
Issue Number	2
DOI	10.3982/TE1340
Language	English
Publisher	Wiley
Publisher Date	2015-01-01
Publisher Place	Hoboken, NJ
Access Restriction	Open
Rights License	https://creativecommons.org/licenses/by-nc/3.0/
Subject Keyword	Temporal preferences preference for flexibility hidden action subjective uncertainty Criteria for Decision-Making under Risk and Uncertainty
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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Hidden actions and preferences for timing of resolution of uncertainty (Sarver, Todd;Ergin, Haluk)