On the Measurement of Uncertainty Aversion
This paper proposes a measure of uncertainty-aversion analogous to the Arrow-Pratt Measure of risk aversion. We apply it to multiple priors and non additive probability models of uncertaity. In these models there is non distinction between uncertainty and aversion to it. Hence our theory can olso be interpreted as a measure of uncertainty.
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|Date of creation:||1996|
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Web page: http://www.economics.bham.ac.uk
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