Recursive Ambiguity and Machina's Examples

Machina (2009, 2012) lists a number of situations where standard models of ambiguity aversion are unable to capture plausible features of ambiguity attitudes. Most of these problems arise in choice over prospects involving three or more outcomes. We show that the recursive non-expected utility model of Segal (1987) is rich enough to accommodate all these situations.

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Year of publication:	2012-05-20
Authors:	Segal, Uzi ; Dillenberger, David
Institutions:	Department of Economics, Boston College
Subject:	Ambiguity \| Ellsberg paradox \| Choquet expected utility \| recursive non-expected utility

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Extent:	application/pdf
Series:	Boston College Working Papers in Economics.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series Boston College Working Papers in Economics Number 800
Classification:	D81 - Criteria for Decision-Making under Risk and Uncertainty
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010575542