Ludwig, Alexander; Zimper, Alexander - In: Journal of Economic Dynamics and Control 39 (2014) C, pp. 79-97
Based on the axiomatic framework of Choquet decision theory, we develop a closed-form model of Bayesian learning with ambiguous beliefs about the mean of a normal distribution. In contrast to rational models of Bayesian learning the resulting Choquet Bayesian estimator results in a long-run bias...