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John Quah, Johns Hopkins U. Print
Tuesday, 26 February 2019, 14:00 - 15:15

John Quah, Johns Hopkins University

Supermodular correspondences and comparing multi-prior beliefs

Abstract : Economic decisions often involve maximizing an objective whose value is itself the outcome of another optimization problem.   This decision structure arises in multi-output production, and also in choice under uncertainty when there are multi-prior beliefs.  To analyze comparative statics in these models, we introduce a theory of supermodular correspondences.   We employ this theory to generalize the notion of first order stochastic dominance to multi-prior beliefs, allowing us to characterize conditions under which greater optimism leads to higher action.   

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