Maxmin expected utility with additivity on unambiguous events

作者：Qu Xiangyu^*

来源：Journal of Mathematical Economics, 2013, 49(3): 245-249.

DOI：10.1016/j.jmateco.2013.02.004

• Maxmin expected utility
• Ambiguity
• Unambiguous events

This paper provides a model of beliefs representation in which ambiguity and unambiguity are endogenously distinguished in the maxmin expected utility model of Gilboa and Schmeidler (1989). Specifically, I first extend it by getting a representation of beliefs such that the probabilistic beliefs over each ambiguous event are represented by a nondegenerate interval, while the ones over each unambiguous event are represented by a number. I then suggest a behavioral definition of ambiguity. It provides a choice theoretical foundation for the Knightian distinction between ambiguity and unambiguity.

• 出版日期2013-5