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Risk, Ambiguity, and the Klibanoff Axioms


  • Kin Chung Lo

    () (Department of Economics, York University)


Machina (2007) formulates a number of experiments, and shows that they can be used to test the Choquet expected utility model. We show that one of them can also be used to test the class of maxmin expected utility preferences in Klibanoff (2001). Those preferences are not Choquet expected utility preferences, and they are not consistent with Choquet expected utility preferences in Machina’s experiment.

Suggested Citation

  • Kin Chung Lo, 2007. "Risk, Ambiguity, and the Klibanoff Axioms," Working Papers 2007_8, York University, Department of Economics.
  • Handle: RePEc:yca:wpaper:2007_8

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    Choquet expected utility; Ellsberg Paradox; Maxmin expected utility; Stochastic independence; Uncertainty;

    JEL classification:

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

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