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Experts are asked to provide their advice in a situation of uncertainty. They adopt the decision makerʼs utility function, but each has a potentially different set of prior probabilities, and so does the decision maker. The decision maker and the experts maximize the minimal expected utility...
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We study the market implications of ambiguity in common models. We show that generic determinacy is a robust feature in … general equilibrium models that allow a distinction between ambiguity and risk. …
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