The α-MEU model: A comment
In Ghirardato et al. (2004) [7], Ghirardato, Macheroni and Marinacci propose a method for distinguishing between perceived ambiguity and the decision-makerʼs reaction to it. They study a general class of preferences which they refer to as invariant biseparable. This class includes CEU and MEU. They...
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| Main Authors: | , , , |
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| Format: | Article (Journal) |
| Language: | English |
| Published: |
29 March 2011
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| In: |
Journal of economic theory
Year: 2011, Volume: 146, Issue: 4, Pages: 1684-1698 |
| DOI: | 10.1016/j.jet.2011.03.019 |
| Online Access: | Verlag, lizenzpflichtig, Volltext: https://doi.org/10.1016/j.jet.2011.03.019 Verlag, lizenzpflichtig, Volltext: https://www.sciencedirect.com/science/article/pii/S0022053111000512 
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| Author Notes: | Jürgen Eichberger, Simon Grant, David Kelsey, Gleb A. Koshevoy |
| Summary: | In Ghirardato et al. (2004) [7], Ghirardato, Macheroni and Marinacci propose a method for distinguishing between perceived ambiguity and the decision-makerʼs reaction to it. They study a general class of preferences which they refer to as invariant biseparable. This class includes CEU and MEU. They axiomatize a subclass of α-MEU preferences. If attention is restricted to finite state spaces, we show that any α-MEU preference relation, satisfies GMMʼs axioms if and only if α=0 or 1, that is, the preferences must be either maxmin or maxmax. We show by example that these axioms may be satisfied when the state space is [0,1]. |
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| Item Description: | Gesehen am 11.04.2022 Kommentar zu Ghirardato, Paolo: Differentiating ambiguity and ambiguity attitude |
| Physical Description: | Online Resource |
| DOI: | 10.1016/j.jet.2011.03.019 |