Economics at your fingertips  

Ambiguity Aversion with Three or More Outcomes

Mark Machina ()

American Economic Review, 2014, vol. 104, issue 12, 3814-40

Abstract: Ambiguous choice problems which involve three or more outcome values can reveal aspects of ambiguity and ambiguity aversion which cannot be displayed in the classic two-outcome Ellsberg urn problems, and hence are not always captured by models designed to accommodate them. These aspects include Allais-type preferences over purely subjective acts, attitudes toward different sources involving different amounts of ambiguity, and attitudes toward ambiguity at different outcome levels. This paper presents a few such examples, and examines the standard models' predictions and performance in such cases. (JEL D81)

JEL-codes: D81 (search for similar items in EconPapers)
Date: 2014
Note: DOI: 10.1257/aer.104.12.3814
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (31) Track citations by RSS feed

Downloads: (external link) (application/pdf) (application/zip)
Access to full text is restricted to AEA members and institutional subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

Access Statistics for this article

American Economic Review is currently edited by Esther Duflo

More articles in American Economic Review from American Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Michael P. Albert ().

Page updated 2021-10-15
Handle: RePEc:aea:aecrev:v:104:y:2014:i:12:p:3814-40