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Revealed Ambiguity and Its Consequences: Updating

Author

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  • Paolo Ghirardato
  • Fabio Maccheroni
  • Massimo Marinacci

Abstract

We study the updating of beliefs under ambiguity for invariant biseparable preferences. In particular, we show that a natural form of dynamic consistency characterizes the Bayesian updating of these beliefs.

Suggested Citation

  • Paolo Ghirardato & Fabio Maccheroni & Massimo Marinacci, 2007. "Revealed Ambiguity and Its Consequences: Updating," Carlo Alberto Notebooks 44, Collegio Carlo Alberto.
    • Handle: RePEc:cca:wpaper:44
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    File URL: http://www.carloalberto.org/assets/working-papers/no.44.pdf
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    References listed on IDEAS

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    1. Cesaltina Pacheco Pires, 2002. "A Rule For Updating Ambiguous Beliefs," Theory and Decision, Springer, vol. 53(2), pages 137-152, September.
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    Cited by:

    1. Adam Dominiak & Jean-Philippe Lefort, 2011. "Unambiguous events and dynamic Choquet preferences," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 46(3), pages 401-425, April.

    More about this item

    Keywords

    ambiguity; updating;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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