# Comment on "Ellsberg's two-color experiment, portfolio inertia and ambiguity"

## Author

Listed:
• Youichiro Higashi
• Sujoy Mukerji
• Norio Takeoka
• Jean-Marc Tallon

## Abstract

The final step in the proof of Proposition 1 (p.311) of Mukerji and Tallon (2003) may not hold in generalbecause $\varepsilon>0$ in the proof cannot be chosen independently of $w,z$. We point out by a counterexample that the axioms they impose are too weak for Proposition 1. We introduce a modified set of axioms and re-establish the proposition
(This abstract was borrowed from another version of this item.)

## Suggested Citation

• Youichiro Higashi & Sujoy Mukerji & Norio Takeoka & Jean-Marc Tallon, 2008. "Comment on "Ellsberg's two-color experiment, portfolio inertia and ambiguity"," International Journal of Economic Theory, The International Society for Economic Theory, vol. 4(3), pages 433-444.
• Handle: RePEc:bla:ijethy:v:4:y:2008:i:3:p:433-444
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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1742-7363.2008.00087.x
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## References listed on IDEAS

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1. Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2005. "A Smooth Model of Decision Making under Ambiguity," Econometrica, Econometric Society, vol. 73(6), pages 1849-1892, November.
2. Dow, James & Werlang, Sergio Ribeiro da Costa, 1992. "Uncertainty Aversion, Risk Aversion, and the Optimal Choice of Portfolio," Econometrica, Econometric Society, vol. 60(1), pages 197-204, January.
3. Epstein, Larry G & Zhang, Jiankang, 2001. "Subjective Probabilities on Subjectively Unambiguous Events," Econometrica, Econometric Society, vol. 69(2), pages 265-306, March.
4. Mukerji, Sujoy & Tallon, Jean-Marc, 2003. "Ellsberg's two-color experiment, portfolio inertia and ambiguity," Journal of Mathematical Economics, Elsevier, vol. 39(3-4), pages 299-316, June.
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