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Randomization and dynamic consistency

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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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Main Authors: Eichberger, Jürgen (Author) , Grant, Simon (Author) , Kelsey, David (Author)
Format: Article (Journal)
Language:English
Published: 2016
In: Economic theory
Year: 2016, Volume: 62, Issue: 3, Pages: 547-566
ISSN:1432-0479
DOI:10.1007/s00199-015-0913-8
Online Access:Verlag, lizenzpflichtig, Volltext: https://doi.org/10.1007/s00199-015-0913-8
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Author Notes:Jürgen Eichberger, Simon Grant, David Kelsey
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