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Foundations of ambiguity models under symmetry: α-MEU and smooth ambiguity
Foundations of ambiguity models under symmetry: alpha-MEU and smooth ambiguity

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Issue Date
2022-01
Publisher
Academic Press
Citation
Journal of Economic Theory, Vol.199, p. 105202
Abstract
© 2021 Elsevier Inc.The α-MEU model and the smooth ambiguity model are two popular models in decision making under ambiguity. However, the axiomatic foundations of these two models are not completely understood. We provide axiomatic foundations of these models in a symmetric setting with a product state space S∞. This setting allows marginals over S to be linked behaviorally with (limiting frequency) events. Bets on such events are shown to reveal the i.i.d. measures that are relevant for the decision maker's preferences and appear in the representations. By characterizing both models within a common framework, it becomes possible to better compare and relate them.
ISSN
0022-0531
URI
https://hdl.handle.net/10371/184125
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College of Social Sciences (사회과학대학)Dept. of Economics (경제학부)Journal Papers (저널논문_경제학부)
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