Uncertainty, Efficiency and Incentive Compatibility

Nabil I. Al-Najjar and Luciano De Castro

No 1532, Discussion Papers from Northwestern University, Center for Mathematical Studies in Economics and Management Science

Abstract: This note questions the behavioral content of second-order acts and their use in decision theoretic models. We show that there can be no verification mechanism to determine what the decision maker receives under a second-order act. This impossibility applies even in idealized repeated experiments where infinite data can be observed.

Date: 2010-12-01
New Economics Papers: this item is included in nep-evo, nep-exp and nep-upt
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