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- W4384156930 abstract "The objective of this paper is to show how ambiguity, and an individual’s response to it, can be modeled formally in the context of a likelihood relation over events. When certain structural conditions are met, we introduce the rational core of a likelihood relation and show that it can be represented by a set of priors, as suggested by Ghirardato et al. (2004). We also prove that a general likelihood relation can be represented in the spirit of Hurwicz’s “optimism index” model (Hurwicz, 1951). We then obtain a fully subjective model of likelihood judgments under ambiguity for ambiguity averse individuals." @default.
- W4384156930 created "2023-07-14" @default.
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- W4384156930 date "2023-10-01" @default.
- W4384156930 modified "2023-09-30" @default.
- W4384156930 title "Purely subjective revealed ambiguity" @default.
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- W4384156930 doi "https://doi.org/10.1016/j.jmateco.2023.102873" @default.
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