An Efficient Revealed Preference Test for the Maxmin Expected Utility Model

Thomas Demuynck and Clément Staner

No 2020-31, Working Papers ECARES from ULB -- Universite Libre de Bruxelles

Abstract: We develop a revealed preference approach for the maxmin expected utility model. In contrast to the existing tests in the literature, our revealed preference test can be efficiently implemented and does not rely on a grid search over the set of possible priors. We illustrate the usefulness of our results by implementing our revealed preference tests on two experimental datasets from the literature and we compare the empirical fit of the max-min expected utility model with the subjective expected utility model.

Keywords: Revealed preference theory; Maxmin expected utility; Subjective expected utility (search for similar items in EconPapers)
JEL-codes: C14 C60 D11 D12 D81 (search for similar items in EconPapers)
Pages: 48 p.
Date: 2020-07
New Economics Papers: this item is included in nep-exp, nep-mic and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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