Risk, Ambiguity, and the Klibanoff Axioms

Kin Chung Lo

Working Papers from York University, Department of Economics

Abstract: Machina (2007) formulates a number of experiments, and shows that they can be used to test the Choquet expected utility model. We show that one of them can also be used to test the class of maxmin expected utility preferences in Klibanoff (2001). Those preferences are not Choquet expected utility preferences, and they are not consistent with Choquet expected utility preferences in Machina’s experiment.

Keywords: Choquet expected utility; Ellsberg Paradox; Maxmin expected utility; Stochastic independence; Uncertainty (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Pages: 5 pages
Date: 2007-11
New Economics Papers: this item is included in nep-cbe and nep-upt
References: Add references at CitEc
Citations:

Downloads: (external link)
http://dept.econ.yorku.ca/research/workingPapers/working_papers/2007/testmm.pdf
Our link check indicates that this URL is bad, the error code is: 500 Can't connect to dept.econ.yorku.ca:80 (No such host is known. )

Related works:
Journal Article: Risk, Ambiguity, and the Klibanoff Axioms (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:yca:wpaper:2007_8

Access Statistics for this paper

More papers in Working Papers from York University, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Support ( this e-mail address is bad, please contact ).