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- W4281572934 abstract "Abstract Foundations are provided for rank-dependent preferences within the popular two-stage framework of Anscombe–Aumann, in which risk and ambiguity feature as distinct sources of uncertainty. We advance the study of attitudes towards ambiguity without imposing expected utility for risk. As a result, in our general model, ambiguity attitude can be captured by non-additive subjective probabilities as under Choquet expected utility or by a specific utility for ambiguity as in recursive expected utility or, if required, by both. The key property for preferences builds on (discrete) rates of substitution which are standardly applied in economics. By demanding consistency for these rates of substitution across events and within or across sources of uncertainty, we obtain a model that nests popular theories for risk and ambiguity. This way, new possibilities for theoretical and empirical analyses of these theories emerge." @default.
- W4281572934 created "2022-05-27" @default.
- W4281572934 creator A5017203259 @default.
- W4281572934 creator A5042610001 @default.
- W4281572934 date "2022-05-26" @default.
- W4281572934 modified "2023-09-26" @default.
- W4281572934 title "Source and rank-dependent utility" @default.
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- W4281572934 doi "https://doi.org/10.1007/s00199-022-01434-4" @default.
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