Risk, Ambiguity, and the Klibanoff Axioms

Kin Chung Lo

Economics Bulletin, 2008, vol. 4, issue 27, 1-5

Abstract: Machina (2007) formulates a number of experiments, and shows that they can be used to test the Choquet expected utility model. We show that one of them can also be used to test the class of maxmin expected utility preferences in Klibanoff (2001). Those preferences are not consistent with Choquet expected utility preferences in Machina's experiment.

Keywords: maxmin; expected; utility (search for similar items in EconPapers)
JEL-codes: D8 (search for similar items in EconPapers)
Date: 2008-08-29
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