(2014). Ambiguity and ambiguity aversion. In Handbook of the Economics of Uncertainty. Vol.1, Mark J. Machina and W. Kip Viscusi (eds), 729-807. Amsterdam: Elsevier B.V.Machina, M. J. et Siniscalchi, M. (2014). Ambiguity and ambiguity aversion. Handbook of the Economics of ...
The phenomena of ambiguity and ambiguity aversion , introduced in Daniel Ellsberg's seminal 1961 article, are ubiquitous in the real world and violate both the key rationality axioms and classic models of choice under uncertainty. In particular, they violate the hypothesis that individuals' uncertain...
ambiguity aversion and the degree of ambiguity, we can now classify decision makers by where they would stop probing an ambiguous prospect and act (Hausmann-Thürig & Läge,2008; Navarro-Martinez et al.,2018) or, to paraphrase an earlier notion, when they would stop fearing and start ...
网络模糊趋避;不确定性规避 网络释义
am·bi·gu·i·ty (am'bi-gyū'ĭ-tē), Condition of being ambiguous; uncertainty. Farlex Partner Medical Dictionary © Farlex 2012 am·bi·gu·i·ty (am'bi-gyū'i-tē) Condition of being ambiguous; uncertainty. Medical Dictionary for the Health Professions and Nursing © Farlex 2012 ...
摘要: In this article, the concepts of ambiguity and ambiguity aversion are introduced, and the decision models developed to incorporate them are briefly surveyed. Some of the consequences for financial modeling are also discussed.关键词: ambiguity ambiguity aversion maxmin expected utility Choquet ...
Ambiguity aversion has also been documented in real-life situations. For example, it leads people to avoid participating in the stock market, which has unknown risks (Easley & O’Hara, 2009), and to avoid certain medical treatments when the risks are less known (Berger, et al., 2013). ...
This paper first defines an increase in ambiguity and an increase in downside ambiguity. We then provide comparative criteria for ambiguity aversion and downside ambiguity aversion. Different from the finding that the comparative criterion for risk aversion is variant with the measure of the premium to...
We investigate the implications of ambiguity aversion for performance and regulation of markets. In our model, agents' decision making may incorporate both risk and ambiguity, and we demonstrate that nonparticipation arises from the rational decision by some traders to avoid ambiguity. In equilibrium,...
See Marinacci and Montrucchio (2004) p. 73. They show on p. 78 that (21.9) can be derived from this result of Choquet through a suitable application of the Hahn-Banach Theorem. 25. Klibanoff (2001a,b) studied in detail the relations between randomization and ambiguity aversion. ...