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A belief-based definition of ambiguity aversion

โœ Scribed by Qu, Xiangyu


Book ID
125369705
Publisher
Springer US
Year
2014
Tongue
English
Weight
216 KB
Volume
79
Category
Article
ISSN
0040-5833

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Subjective uncertainty is characterized by ambiguity if the decision maker has an imprecise knowledge of the probabilities of payo relevant events. In such an instance, the decision maker's beliefs are better represented by a set of probability functions than by a unique probability function. An amb