On the uses of the monotonicity and independence axioms in models of ambiguity aversion

Leandro Nascimento and Gil Riella

Mathematical Social Sciences, 2010, vol. 59, issue 3, 326-329

Abstract: This paper suggests an alternative axiomatization of two canonical models of ambiguity aversion. Instead of relaxing the independence axiom to accommodate uncertainty aversion, we impose independence on constant acts only. Maxmin and variational preferences are characterized by different strengthenings of the monotonicity axiom.

Keywords: Monotonicity; Independence; Ambiguity (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:matsoc:v:59:y:2010:i:3:p:326-329

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