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Ambiguity Revealed

  • Subir Bose

    ()

  • Matthew Polisson

    ()

  • Ludovic Renou

    ()

We derive necessary and suffcient conditions for data sets composed of state-contingent prices and consumption to be consistent with two prominent models of decision making under ambiguity: variational preferences and smooth ambiguity. The revealed preference conditions for the maxmin expected utility and subjective expected utility models are characterized as special cases.

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File URL: http://www.le.ac.uk/economics/research/repec/lec/leecon/dp12-07.pdf
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Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Economics with number 12/07.

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Date of creation: Apr 2012
Date of revision:
Handle: RePEc:lec:leecon:12/07
Contact details of provider: Postal: Department of Economics University of Leicester, University Road. Leicester. LE1 7RH. UK
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Fax: +44 (0)116 252 2908
Web page: http://www2.le.ac.uk/departments/economics
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  1. Hanoch, Giora & Rothschild, Michael, 1972. "Testing the Assumptions of Production Theory: A Nonparametric Approach," Journal of Political Economy, University of Chicago Press, vol. 80(2), pages 256-75, March-Apr.
  2. Tomasz Strzalecki, 2011. "Axiomatic Foundations of Multiplier Preferences," Levine's Working Paper Archive 786969000000000126, David K. Levine.
  3. Forges, Françoise & Minelli, Enrico, 2009. "Afriat's theorem for general budget sets," Journal of Economic Theory, Elsevier, vol. 144(1), pages 135-145, January.
  4. repec:cup:cbooks:9780521748681 is not listed on IDEAS
  5. repec:cup:cbooks:9780521765015 is not listed on IDEAS
  6. Laurens Cherchye & Bram De Rock & Frederic Vermeulen, 2007. "The Collective Model of Household Consumption: A nonparametric characterization," ULB Institutional Repository 2013/98559, ULB -- Universite Libre de Bruxelles.
  7. Laura Blow & Martin Browning & Ian Crawford, 2005. "Revealed preference analysis of characteristics models," School of Economics Discussion Papers 0305, School of Economics, University of Surrey.
  8. David Ahn & Syngjoo Choi & Douglas Gale & Shachar Kariv, 2014. "Estimating ambiguity aversion in a portfolio choice experiment," Quantitative Economics, Econometric Society, vol. 5, pages 195-223, 07.
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