More ambiguity aversion or more risk aversion?

被引:0
|
作者
Jiankang Zhang
机构
[1] Carleton University,Department of Economics
来源
Economic Theory Bulletin | 2022年 / 10卷
关键词
Ellsberg paradox; Ambiguity; Ambiguity aversion; Risk; Risk aversion; Unambiguous event; Unambiguous act; Probabilistic sophistication; Convex capacity; Choquet expected utility; Multiple-priors model; Expected utility; D81-criteria for decision-making under risk and uncertainty; D80-information; Knowledge and uncertainty;
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摘要
Using a pair of preferences ⪰min\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$\succeq ^{\min }$$\end{document} and ⪰max\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$\succeq ^{\max }$$\end{document} with utility functions mins∈Sfs\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$\min _{s\in S}f\left( s\right) $$\end{document} and maxs∈Sfs\documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$$\max _{s\in S}f\left( s\right) $$\end{document} over the Ellsberg three color acts, this paper argues that the existing notions of attitudes toward ambiguity either mix ambiguity and risk or still involve attitudes toward risk even though ambiguity is exogenously given. Based on those observations, a new approach to defining attitudes toward ambiguity is suggested. Moreover, some relevant notions such as certainty equivalent for ambiguity and ambiguity premium are also proposed.
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页码:217 / 232
页数:15
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