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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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Publisher:
Department of Economics (University of Oxford)
Series:
Discussion paper series
Publication date:
2002-01-01
Language:
English
UUID:
uuid:cf9e9863-3be4-4175-ad0f-2dad6c28365e
Local pid:
oai:economics.ouls.ox.ac.uk:13438
Deposit date:
2011-08-16

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