Eliciting ambiguous beliefs using constructed ambiguous acts: Alpha-maxmin

Subir Bose and Arup Daripa ()

Journal of Mathematical Economics, 2022, vol. 103, issue C

Abstract: We elicit subjective ambiguous beliefs of an agent with ambiguity-sensitive preferences; in particular, as represented by the α-maxmin model. An important problem with the model is that it cannot be identified using observations from typical choice problems, as the preference parameter α confounds observation of beliefs. Our main conceptual contribution is to show that the model can in fact be fully identified by using constructed ambiguous acts to elicit α.

Keywords: Ambiguity; α-maxmin preference; Identification; Elicitation of beliefs and α (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:103:y:2022:i:c:s0304406822001136

DOI: 10.1016/j.jmateco.2022.102787

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