Journal article
A Smooth Model of Decision Making Under Ambiguity.
- Abstract:
-
We propose and axiomatize a model of preferences over acts such that the decision maker prefers act f to act g if and only if Eμφ (Eπu ◦ f) ≥ Eμφ (Eπu ◦ g), where E is the expectation operator, u is a vN-M utility function, φ is an increasing transformation, and μ is a subjective probability over the set Π of probability measures π that the decision maker thinks are relevant given his subjective information. A key feature of our model is that it achieves a separation between ambiguity, identi...
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Bibliographic Details
- Publisher:
- Econometric Society
- Journal:
- Econometrica More from this journal
- Volume:
- 73
- Issue:
- 6
- Pages:
- 1849 - 1892
- Publication date:
- 2005-11-01
- DOI:
- ISSN:
-
0012-9682
Item Description
- Language:
-
English
- UUID:
-
uuid:3258ccdb-0901-4e84-be6c-5ae18184fff6
- Local pid:
-
oai:economics.ouls.ox.ac.uk:14150
- Deposit date:
-
2011-08-16
Terms of use
- Copyright date:
- 2005
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