Randomization and dynamic consistency
Raiffa (Q J Econ 75:690-694, 1961) has suggested that ambiguity aversion will cause a strict preference for randomization. We show that dynamic consistency implies that individuals will be indifferent to ex ante randomizations. On the other hand, it is possible for a dynamically consistent ambiguity...
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| Hauptverfasser: | , , |
|---|---|
| Dokumenttyp: | Article (Journal) |
| Sprache: | Englisch |
| Veröffentlicht: |
2016
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| In: |
Economic theory
Year: 2016, Jahrgang: 62, Heft: 3, Pages: 547-566 |
| ISSN: | 1432-0479 |
| DOI: | 10.1007/s00199-015-0913-8 |
| Online-Zugang: | Verlag, lizenzpflichtig, Volltext: https://doi.org/10.1007/s00199-015-0913-8 |
| Verfasserangaben: | Jürgen Eichberger, Simon Grant, David Kelsey |
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