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Robustifying the Classical Model of Risk Preferences and Beliefs

Mark Machina ()

University of California at San Diego, Economics Working Paper Series from Department of Economics, UC San Diego

Abstract: Robustify. To identify the analytical aspects of a model that continue to hold under more genral conditions. This usually requires expressing the model and its results in a particular manner as statements that may be logically equivalent under the assumptions of a given model can differ widely in their robustness to dropping these assumptions. E.g., "By expressing the classical expected utility/subjective probability model in event-theoretic therms, tis asic concepts, tools and results can be locally and globally robustified to general 'event-smooth' preferences over subjectively uncertain acts that do not necessarily exhibit either expected utility risk preferences or probabilistic beliefs."

Keywords: Risk (search for similar items in EconPapers)
Date: 2002-03-13
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