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Definitions of Ambiguous Events and the Smooth Ambiguity Model.

Abstract:

We examine a variety of preference-based definitions of ambiguous events in the context of the smooth ambiguity model. We first consider the definition proposed in Klibanoff, Marinacci, and Mukerji (2005) based on the classic Ellsberg two-urn paradox (Ellsberg (1961)), and show that it satisfies several desirable properties. We then compare this definition with those of Nehring (1999), Epstein and Zhang (2001), Zhang (2002) and Ghirardato and Marinacci (2002). Within the smooth ambiguity m...

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Peter Klibanoff More by this author
Massimo Marinacci More by this author
Sujoy Mukerji More by this author
Volume:
525
Series:
Discussion paper series
Publication date:
2011-01-05
URN:
uuid:dead0fe6-978a-4182-a153-56ecfee8813f
Local pid:
oai:economics.ouls.ox.ac.uk:15072
Language:
English

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