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A Note on Comparative Ambiguity Aversion and Justifiability
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DOI：10.3982/ECTA14429.png)
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摘要
En 中文
We consider a decision maker who ranks actions according to the smooth ambiguity criterion of Klibanoff, Marinacci, and Mukerji (2005). An action is justifiable if it is a best reply to some belief over probabilistic models. We show that higher ambiguity aversion expands the set of justifiable actions. A similar result holds for risk aversion. Our results follow from a generalization of the duality lemma of Wald (1949) and Pearce (1984).
Keyword:
Comparative ambiguity aversion
justifiability
rationalizability
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