Maxmin weighted expected utility: a simpler characterization
Joseph Halpern () and
Samantha Leung ()
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Samantha Leung: Cornell University
Theory and Decision, 2016, vol. 80, issue 4, 581-610
Abstract Chateauneuf and Faro (J Math Econ 45:535–558, 2009) axiomatize a weighted version of maxmin expected utility over acts with nonnegative utilities, where weights are represented by a confidence function. We argue that their representation is only one of many possible, and we axiomatize a more natural form of maxmin weighted expected utility. We also provide stronger uniqueness results.
Keywords: Maxmin expected utility; Weighted probabilities; Axiomatization; Ambiguity aversion (search for similar items in EconPapers)
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