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

## Author Info

• Youichiro Higashi
• Sujoy Mukerji
• Norio Takeoka
• Jean-Marc Tallon
Registered author(s):

## 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

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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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## Bibliographic Info

Article provided by The International Society for Economic Theory in its journal International Journal of Economic Theory.

Volume (Year): 4 (2008)
Issue (Month): 3 ()
Pages: 433-444

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 Handle: RePEc:bla:ijethy:v:4:y:2008:i:3:p:433-444 Contact details of provider: Web page: http://www.blackwellpublishing.com/journal.asp?ref=1742-7355 Order Information: Web: http://www.blackwellpublishing.com/subs.asp?ref=1742-7355

## References

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1. Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2002. "A smooth model of decision making under ambiguity," ICER Working Papers - Applied Mathematics Series 11-2003, ICER - International Centre for Economic Research, revised Apr 2003.
2. 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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