Risk, Ambiguity, and the Rank-Dependence Axioms
2009 ◽
Vol 99
(1)
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pp. 385-392
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Keyword(s):
Choice problems in the spirit of Ellsberg (1961) suggest that rank-dependent (“Choquet expected utility”) preferences over subjective gambles might be subject to the same difficulties that Ellsberg's earlier examples posed for subjective expected utility. These difficulties stem from event-separability properties that rank-dependent preferences partially retain from expected utility, and suggest that nonseparable models of preferences might be better at capturing features of behavior that lead to these paradoxes. (JEL D81)
2000 ◽
Vol 25
(1)
◽
pp. 7-28
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Keyword(s):
1985 ◽
Vol 15
(4)
◽
pp. 606-621
◽
1980 ◽
Vol 6
(3)
◽
pp. 265-279
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