Two examples of ambiguity aversion
Tools
Tools
Tools
Blavatskyy, P.R. (2013) Two examples of ambiguity aversion. Economics Letters, 118 (1). pp. 206-208.
Link to Published Version: http://dx.doi.org/10.1016/j.econlet.2012.10.026
*Subscription may be required
*Subscription may be required
Abstract
We consider two plausible and even natural examples of ambiguity aversion: the classical Ellsberg (1961) two-color paradox and a variant of the Machina (2009) reflection example. We extend the results of Baillon etal. (2011) and demonstrate that these two examples challenge the descriptive validity of Siniscalchi (2009) vector expected utility and the model of Nau (2006).
| Item Type: | Journal Article |
|---|---|
| Publisher: | Elsevier |
| Copyright: | © 2012 Elsevier B.V. |
| URI: | http://researchrepository.murdoch.edu.au/id/eprint/30533 |
 |
Item Control Page |