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Ordering Ambiguous Acts.

Abstract:

We investigate what it means for one act to be more ambiguous than another. The question is evidently analogous to asking what makes one prospect riskier than another, but beliefs are neither objective nor representable by a unique probability. Our starting point is an abstract class of preferences constructed to be (strictly) partially ordered by a more ambiguity averse relation. We define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act makes an ambiguity...

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Ian Jewitt More by this author
Sujoy Mukerji More by this author
Volume:
553
Series:
Discussion paper series
Publication date:
2011
URN:
uuid:1fb7331f-0a6c-4199-97d0-cd8b7392b51f
Local pid:
oai:economics.ouls.ox.ac.uk:15188
Language:
English

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