Robustifying the Classical Model of Risk Preferences and Beliefs
AbstractRobustify. To identify the analytical aspects of a model that continue to hold under more genral conditions. This usually requires expressing the model and its results in a particular manner as statements that may be logically equivalent under the assumptions of a given model can differ widely in their robustness to dropping these assumptions. E.g., "By expressing the classical expected utility/subjective probability model in event-theoretic therms, tis asic concepts, tools and results can be locally and globally robustified to general 'event-smooth' preferences over subjectively uncertain acts that do not necessarily exhibit either expected utility risk preferences or probabilistic beliefs."
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Bibliographic InfoPaper provided by Department of Economics, UC San Diego in its series University of California at San Diego, Economics Working Paper Series with number qt1xt4c2qb.
Date of creation: 13 Mar 2002
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