Journal article
Two examples of ambiguity aversion
Economics Letters, Vol.118(1), pp.206-208
2013
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).
Details
- Title
- Two examples of ambiguity aversion
- Authors/Creators
- P.R. Blavatskyy (Author/Creator)
- Publication Details
- Economics Letters, Vol.118(1), pp.206-208
- Publisher
- Elsevier
- Identifiers
- 991005543307607891
- Copyright
- © 2012 Elsevier B.V.
- Murdoch Affiliation
- Murdoch University
- Language
- English
- Resource Type
- Journal article
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- Citation topics
- 6 Social Sciences
- 6.122 Economic Theory
- 6.122.1287 Risk Preferences
- Web Of Science research areas
- Economics
- ESI research areas
- Economics & Business