Recursive smooth ambiguity preferences

  title={Recursive smooth ambiguity preferences},
  author={Peter Klibanoff and Massimo Marinacci and Sujoy Mukerji},
  journal={J. Economic Theory},
This paper axiomatizes an intertemporal version of the Smooth Ambiguity decision model developed in Klibano¤, Marinacci, and Mukerji (2005). A key feature of the model is that it achieves a separation between ambiguity, identi…ed as a characteristic of the decision maker’s subjective beliefs, and ambiguity attitude, a characteristic of the decision maker’s tastes. In applications one may thus specify/vary these two characteristics independent of each other, thereby facilitating richer… CONTINUE READING
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