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Subjective beliefs play a role in many economic decisions. There is a large theoretical literature on the elicitation … of beliefs, and an equally large empirical literature. However, there is a gulf between the two. The theoretical … literature proposes a range of procedures that can be used to recover beliefs, but stresses the need to make strong auxiliary …
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which we elicit subjective probabilities. We calibrate the estimates of subjective beliefs assuming that choices are made …
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Since at least de Finetti [7], preference symmetry assumptions have played an important role in models of decision making under uncertainty. In the current paper, we explore (1) the relationship between the symmetry assumption of Klibanoff, Mukerji and Seo (KMS) [21] and alternative symmetry...
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The α-MEU model and the smooth ambiguity model are two popular models in decision making under ambiguity. However, the axiomatic foundations of these two models are not completely understood. We provide axiomatic foundations of these models in a symmetric setting with a product state space...
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