AbstractWe derive necessary and suffcient conditions for data sets composed of state-contingent prices and consumption to be consistent with two prominent models of decision making under ambiguity: variational preferences and smooth ambiguity. The revealed preference conditions for the maxmin expected utility and subjective expected utility models are characterized as special cases.
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Bibliographic InfoPaper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 12/07.
Date of creation: Apr 2012
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Other versions of this item:
- Ralph-C Bayer & Subir Bose & Matthew Polisson & Ludovic Renou, 2013. "Ambiguity Revealed," School of Economics Working Papers 2013-05, University of Adelaide, School of Economics.
- Ralph Bayer & Subir Bose & Matthew Polisson & Ludovic Renou, 2013. "Ambiguity revealed," IFS Working Papers W13/05, Institute for Fiscal Studies.
- D1 - Microeconomics - - Household Behavior
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-05-22 (All new papers)
- NEP-MIC-2012-05-22 (Microeconomics)
- NEP-UPT-2012-05-22 (Utility Models & Prospect Theory)
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