糖心TV

Mark Machina (University of California, San Diego)

Ambiguity Aversion with Three or More Outcomes

Ambiguous choice problems which involve three or more outcome values can reveal aspects of ambiguity aversion which cannot be displayed in the classic two-outcome Ellsberg urn problems, and hence are not always captured by models designed to accommodate them. This is primarily due to features of the models which have little bite in the classic examples but which impose strong restrictions in choice over more general prospects. This paper considers several such examples and examines how the standard models of ambiguity aversion perform in such cases.

Poster-May-14-2012