Ambiguity aversion and incompleteness of contractual form.
Subjective uncertainty is characterized by ambiguity if the decision maker has an imprecise knowledge of the probabilities of payoff-relevant events. In such an instance, subjective beliefs are better represented by a set of probability functions than by a unique probability function.
| Prif Awdur: | |
|---|---|
| Fformat: | Journal article |
| Iaith: | English |
| Cyhoeddwyd: |
American Economic Association
1998
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