An Axiomatic Approach to ƒÃ-contamination

Kiyohiko G. Nishimura and Hiroyuki Ozaki
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Kiyohiko G. Nishimura: Faculty of Economics, University of Tokyo
Hiroyuki Ozaki: Faculty of Economics, Tohoku University

No CIRJE-F-183, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: Suppose that an economic agent is (1-ƒÃ)x100% certain that uncertainty she faces is characterized by a particular probability measure, but that she has a fear that, with ƒÃx100% chance, her conviction is completely wrong and she is left perfectly ignorant about the true measure in the present as well as in the future.This situation is often called "ƒÃ-contamination of con dence." The purpose of this paper is to provide a simple set of behavioral axioms under which the decision-maker's preference is represented by the Choquet expected utility with the ƒÃ-contamination of con dence.

Pages: 17 pages
Date: 2002-11
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Persistent link: https://EconPapers.repec.org/RePEc:tky:fseres:2002cf183

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