Preferences with changing ambiguity aversion

Preferences with changing ambiguity aversion

We provide two extensions of Gilboa and Schmeidler (J Math Econ 18:141–153, 1989)’s maxmin expected utility decision rule to accommodate a decision maker’s changing ambiguity attitudes. The two rules are, respectively, a weighted maxmin rule and a variant constraint rule. The former evaluates an act...

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Bibliographic Details
Main Author: XUE, Jingyi
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2020
Subjects:
Ambiguity averse preferences; Ambiguity; Increasing relative ambiguity aversion; Decreasing absolute ambiguity aversion; Wealth effect; Variant constraint representation; Weighted maxmin representation
Economic Theory
Online Access:https://ink.library.smu.edu.sg/soe_research/2237
https://ink.library.smu.edu.sg/context/soe_research/article/3236/viewcontent/PreferencesWithChangingAmbiguity_afv.pdf
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Institution: Singapore Management University
Language: English

Internet

https://ink.library.smu.edu.sg/soe_research/2237
https://ink.library.smu.edu.sg/context/soe_research/article/3236/viewcontent/PreferencesWithChangingAmbiguity_afv.pdf

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