Ambiguous Correlation

Larry Epstein and Yoram Halevy

No WP2017-006, Boston University - Department of Economics - Working Papers Series from Boston University - Department of Economics

Abstract: Many decisions are made in environments where outcomes are determined by the realization of multiple random events. A decision maker may be uncertain how these events are related. We identify and experimentally substantiate behavior that intuitively reflects a lack of confidence in their joint distribution. Our findings suggest a dimension of ambiguity which is different from that in the classical distinction between risk and "Knightian uncertainty."

Pages: 72 pages
Date: 2017-02
New Economics Papers: this item is included in nep-mic, nep-rmg and nep-upt
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Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Ambiguous Correlation (2019)
Working Paper: Ambiguous Correlation (2018)
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