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Uncertainty averse preferences

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  • Cerreia-Vioglio, S.
  • Maccheroni, F.
  • Marinacci, M.
  • Montrucchio, L.

Abstract

We study uncertainty averse preferences, that is, complete and transitive preferences that are convex and monotone. We establish a representation result, which is at the same time general and rich in structure. Many objective functions commonly used in applications are special cases of this representation.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 146 (2011)
Issue (Month): 4 (July)
Pages: 1275-1330

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Handle: RePEc:eee:jetheo:v:146:y:2011:i:4:p:1275-1330

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Web page: http://www.elsevier.com/locate/inca/622869

Related research

Keywords: Ambiguity Games against nature Smooth ambiguity preferences Uncertainty aversion Variational preferences;

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  8. Fabio Maccheroni & Massimo Marinacci & Aldo Rustichini, 2004. "Ambiguity Aversion, Robustness, and the Variational Representation of Preferences," Carlo Alberto Notebooks 12, Collegio Carlo Alberto, revised 2006.
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  18. Ghirardato, Paolo & Maccheroni, Fabio & Marinacci, Massimo, 2004. "Differentiating ambiguity and ambiguity attitude," Journal of Economic Theory, Elsevier, vol. 118(2), pages 133-173, October.
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