A smooth model of decision making under ambiguity

Peter Klibanoff (), Massimo Marinacci and Sujoy Mukerji ()

ICER Working Papers - Applied Mathematics Series from ICER - International Centre for Economic Research

Abstract: We propose and axiomatize a new model of preferences that achieves a separation between ambiguity, identified as a characteristic of the decision maker's subjective information, and ambiguity attitude, a characteristic of the decision maker's tastes.

Keywords: Ambiguity; Uncertainty; Knightian Uncertainty; Ambiguity Aversion; Uncertainty Aversion; Ellsberg Paradox (search for similar items in EconPapers)
JEL-codes: D80 D81 (search for similar items in EconPapers)
Date: 2002-09, Revised 2003-04
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Related works:
Working Paper: A Smooth Model of DecisionMaking Under Ambiguity (2002)
Journal Article: A Smooth Model of Decision Making under Ambiguity (2005)
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Persistent link: http://EconPapers.repec.org/RePEc:icr:wpmath:11-2003

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