Larry Epstein () and
Yoram Halevy ()
Microeconomics.ca working papers from Vancouver School of Economics
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."
Keywords: ambiguity; uncertainty; correlation; Ellsberg (search for similar items in EconPapers)
JEL-codes: C90 D80 C91 D83 D81 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-upt
Date: 2017-02-15, Revised 2018-01-09
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Working Paper: Ambiguous Correlation (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:ubc:pmicro:yoram_halevy-2017-2
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