A Note on Comparative Ambiguity Aversion and Justifiability
Econometrica, ISSN: 1468-0262, Vol: 84, Issue: 5, Page: 1903-1916
2016
- 14Citations
- 33Captures
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
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Article Description
We consider a decision maker who ranks actions according to the smooth ambiguity criterion of Klibanoff, Marinacci, and Mukerji (2005). An action is justifiable if it is a best reply to some belief over probabilistic models. We show that higher ambiguity aversion expands the set of justifiable actions. A similar result holds for risk aversion. Our results follow from a generalization of the duality lemma of Wald (1949) and Pearce (1984).
Bibliographic Details
http://www.scopus.com/inward/record.url?partnerID=HzOxMe3b&scp=84988038599&origin=inward; http://dx.doi.org/10.3982/ecta14429; https://www.econometricsociety.org/doi/10.3982/ECTA14429; https://api.wiley.com/onlinelibrary/tdm/v1/articles/10.3982%2FECTA14429; https://onlinelibrary.wiley.com/doi/pdf/10.3982/ecta14429; https://dx.doi.org/10.3982/ecta14429; https://www.econometricsociety.org/publications/econometrica/2016/09/01/note-comparative-ambiguity-aversion-and-justifiability
The Econometric Society
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