A Smooth Model of Decision Making Under Ambiguity.

We propose and axiomatize a model of preferences over acts such that the decision maker prefers act f to act g if and only if Eμφ (Eπu ◦ f) ≥ Eμφ (Eπu ◦ g), where E is the expectation operator, u is a vN-M utility function, φ is an increasing transformation, and μ is a subjective probability over th...

Descripción completa

Detalles Bibliográficos
Autores principales: Mukerji, S, Klibanoff, P
Formato: Journal article
Lenguaje:English
Publicado: Econometric Society 2005