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

## Author Info

• Youichiro Higashi

(Department of economics - University of Rochester)

• Sujoy Mukerji

(University of Oxford (UK) - University of Oxford [Oxford])

• Norio Takeoka

(Department of economics - University of Rochester)

• Jean-Marc Tallon

()

(CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics)

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: https://halshs.archives-ouvertes.fr/halshs-00175266/document

## Bibliographic Info

Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00175266.

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 Length: Date of creation: Sep 2008 Date of revision: Publication status: Published in International Journal of Economic Theory, Wiley, 2008, 4 (3), pp.433-444. <10.1111/j.1742-7363.2008.00087.x> Handle: RePEc:hal:cesptp:halshs-00175266 DOI: 10.1111/j.1742-7363.2008.00087.x Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00175266 Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

## References

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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. Sujoy Mukerji & Jean-Marc Tallon, 2003. "Ellsberg's two-color experiment, portfolio inertia and ambiguity," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00499358, HAL.
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