Foundations of ambiguity models under symmetry: ?-MEU and smooth ambiguity
نویسندگان
چکیده
The ?-MEU model and the smooth ambiguity are two popular models in decision making under ambiguity. However, axiomatic foundations of these not completely understood. We provide a symmetric setting with product state space S?. This allows marginals over S to be linked behaviorally (limiting frequency) events. Bets on such events shown reveal i.i.d. measures that relevant for maker's preferences appear representations. By characterizing both within common framework, it becomes possible better compare relate them.
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2022
ISSN: ['1095-7235', '0022-0531']
DOI: https://doi.org/10.1016/j.jet.2021.105202