Definitions of Ambiguous Events and the Smooth Ambiguity Model.
We examine a variety of preference-based definitions of ambiguous events in the context of the smooth ambiguity model. We first consider the definition proposed in Klibanoff et al. (Econometrica 73(6):1849-1892, 2005) based on the classic Ellsberg two-urn paradox (Ellsberg Q J Econ 75:643-669, 1961)...
| Main Authors: | , , |
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| Format: | Journal article |
| Language: | English |
| Published: |
Springer
2011
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