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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. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act makes an am...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted Manuscript

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Publisher copy:
10.1016/j.jet.2017.07.001

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Institution:
University of Oxford
Department:
Oxford, SSD, Economics
Role:
Author
Publisher:
Elsevier Publisher's website
Journal:
Journal of Economic Theory Journal website
Volume:
171
Pages:
213-267
Publication date:
2017-07-18
Acceptance date:
2017-07-09
DOI:
ISSN:
0022-0531
Pubs id:
pubs:708018
URN:
uri:9503952b-9729-488d-ade5-1585b934eecf
UUID:
uuid:9503952b-9729-488d-ade5-1585b934eecf
Local pid:
pubs:708018

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