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Risk, Ambiguity, and the Klibanoff Axioms

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Author Info
Kin Chung Lo () (Department of Economics, York University)

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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 consistent with Choquet expected utility preferences in Machina's experiment.

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File URL: http://economicsbulletin.vanderbilt.edu/2008/volume4/EB-08D80018A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 4 (2008)
Issue (Month): 27 ()
Pages: 1-5
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Handle: RePEc:ebl:ecbull:v:4:y:2008:i:27:p:1-5

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Related research
Keywords: Choquet expected utility; Ellsberg Paradox; maxmin expected utility; stochastic independence; uncertainty;

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Find related papers by JEL classification:
D8 - Microeconomics - - Information, Knowledge, and Uncertainty

References listed on IDEAS
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  1. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April. [Downloadable!] (restricted)
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This page was last updated on 2009-12-12.

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