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Ambiguous Correlation
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DOI：10.1093/restud/rdy008.png)
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Abstract
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Many decisions are made in environments where outcomes are determined by the realization of multiple random events. A decision maker may be uncertain how these events are related. We identify and experimentally substantiate behaviour that intuitively reflects a lack of confidence in their joint distribution. Our findings suggest a dimension of ambiguity which is different from that in the classical distinction between risk and Knightian uncertainty.
Keywords:
Ambiguity
Confidence
Correlation neglect
Ellsberg Paradox
Preference elicitation
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