A Smooth Model of Decision Making under Ambiguity¶
Klibanoff, P., Marinacci, Massimo, & Mukerji, S. (2005). A Smooth Model of Decision Making under Ambiguity.
Cited by¶
1 citation across 1 artifact.
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Domain-specific¶
- Ambiguity Aversion
- Smooth ambiguity preferences (Klibanoff, Marinacci, and Mukerji, 2005) and Choquet expected utility offer alternative representations.
This sourceA smooth model of decision making under ambiguity, in which acts are scored by a second-order expectation over a subjective set of probability measures, separating ambiguity (beliefs) from ambiguity attitude (tastes), with maxmin expected utility recovered as the infinite-aversion limiting case.
Supported in partVerified against the publisher's abstract
“A key feature of our model is that it achieves a separation between ambiguity, identified as a characteristic of the decision maker's subjective beliefs, and ambiguity attitude, a characteristic of the decision maker's tastes.”
- Smooth ambiguity preferences (Klibanoff, Marinacci, and Mukerji, 2005) and Choquet expected utility offer alternative representations.
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