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STICERD Economic Theory Seminars & STICERD Economic Theory Seminars

Making Decisions under Model Misspecification

Simone Cerreia-Vioglio (Bocconi University), joint with Lars Peter Hansen, Fabio Maccheroni, Massimo Marinacci

Thursday 18 November 2021 15:30 - 17:00

Many of our seminars and public events this year will continue as in person or as hybrid (online and in person) events. Please check our website listings and Twitter feed @STICERD_LSE for updates.

Unless otherwise specified, in-person seminars are open to the public.

Those unable to join the seminars in-person are welcome to participate via zoom if the event is hybrid.


About this event

We use decision theory to confront uncertainty that is sufficiently broad to incorporate “models as approximations.” We presume the existence of a featured collection of what we call “structured models” that have explicit substantive motivations. The decision maker confronts uncertainty through the lens of these models, but also views these models as simplifications, and hence, as misspecified. We extend the max-min analysis under model ambiguity to incorporate the uncertainty induced by acknowledging that the models used in decision-making are simplified approximations. Formally, we provide an axiomatic rationale for a decision criterion that incorporates model misspecification concerns.

Economic Theory Seminars are held on Thursdays in term time at 15:30-17:00, ONLINE or ONLINE AND IN PERSON at the same time.

Seminar organisers: Dr Andrew Ellis and Dr Christopher Sandmann.

For further information please contact Annie-Rose Nicholas by email: a.nicholas1@lse.ac.uk.

Please use this link to subscribe or unsubscribe to the Economic Theory seminars mailing list (etheory).

Economic Theory Seminars are held on Thursdays in term time at 15:30-17:00, ONLINE or ONLINE AND IN PERSON at the same time.

Seminar organisers: Dr Andrew Ellis and Dr Christopher Sandmann.

For further information please contact Annie-Rose Nicholas by email: a.nicholas1@lse.ac.uk.

Please use this link to subscribe or unsubscribe to the Economic Theory seminars mailing list (etheory).