Foundations of ambiguity models under symmetry: α-MEU and smooth ambiguity

被引：6

作者：

Klibanoff, Peter ^{[1
]}

Mukerji, Sujoy ^{[2
]}

Seo, Kyoungwon ^{[3
]}

Stanca, Lorenzo ^{[1
]}

机构：

[1] Northwestern Univ, Kellogg Sch Management, Dept Managerial Econ & Decis Sci, Evanston, IL 60208 USA

[2] Queen Mary Univ London, Sch Econ & Finance, London E1 4NS, England

[3] Seoul Natl Univ, Business Sch, Seoul, South Korea

来源：

JOURNAL OF ECONOMIC THEORY | 2022年 / 199卷

关键词：

Symmetry; Beliefs; Ambiguity; Multiple priors; Smooth ambiguity; CONSTANT ABSOLUTE; EXPECTED UTILITY; UNCERTAINTY; ATTITUDES;

D O I：

10.1016/j.jet.2021.105202

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The alpha-MEU model and the smooth ambiguity model are two popular models in decision making under ambiguity. However, the axiomatic foundations of these two models are not completely understood. We provide axiomatic foundations of these models in a symmetric setting with a product state space S-infinity. This setting allows marginals over S to be linked behaviorally with (limiting frequency) events. Bets on such events are shown to reveal the i.i.d. measures that are relevant for the decision maker's preferences and appear in the representations. By characterizing both models within a common framework, it becomes possible to better compare and relate them. (C) 2021 Elsevier Inc. All rights reserved.

引用

页数：34

共 48 条

[1] The Rich Domain of Uncertainty: Source Functions and Their Experimental Implementation [J].