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A Smooth Model of Decision Making under Ambiguity
We propose and axiomatize a new model of preferences that achieves a separation between ambiguity, identified as a characteristic of the decision maker's subjective information, and ambiguityExpand
Differentiating ambiguity and ambiguity attitude
We introduce a relation derived from the DM's preferences, called “unambiguous preference”, and show that it can be represented by a set of probabilities. Expand
Ambiguity Aversion, Robustness, and the Variational Representation of Preferences
We characterize, in the Anscombe-Aumann framework, the preferences for which there are a utility functionu on outcomes and an ambiguity indexc on the set of probabilities on the states of the worldExpand
Ambiguity Made Precise: A Comparative Foundation
Comparative Ambiguity and Equality of Cardinal Risk Attitude can be extended to preferences with different cardinal risk attitude. Expand
Uncertainty averse preferences
We study uncertainty averse preferences, that is, complete and transitive preferences that are convex and monotone. Expand
Ambiguity and the Bayesian Paradigm
This is a survey of some of the recent decision-theoretic literature involving beliefs that cannot be quantified by a Bayesian prior. We discuss historical, philosophical, and axiomatic foundationsExpand
Dynamic variational preferences
We introduce and axiomatize dynamic variational preferences, which generalize the multiple priors preferences of Gilboa and Schmeidler and include Multiplier Preferences inspired by robust control and first used in macroeconomics by Hansen and Sargent. Expand
Recursive smooth ambiguity preferences
This paper axiomatizes and investigates a model of recursive preferences over intertemporal plans, extending the smooth ambiguity model developed in Klibano¤, Marinacci, and Mukerji (2005) (henceforth KMM) to a setting involving dynamic decision making. Expand
Objective and Subjective Rationality in a Multiple Prior Model
A decision maker is characterized by two binary relations. The first reflects decisions that are rational in an “objective” sense: the decision maker can convince others that she is right in makingExpand
Ambiguous Games