On the smooth ambiguity model: a reply
Epstein (2009) describes three Ellsberg-style thought experiments and argues that they pose difficulties for the smooth ambiguity model of decision making under uncertainty developed by Klibanoff, Marinacci and Mukerji (2005). We revisit these thought experiments and find, to the contrary, that the...
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| Format: | Working paper |
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University of Oxford
2009
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