On the uses of the monotonicity and independence axioms in models of ambiguity aversion

This paper suggests an alternative axiomatization of two canonical models of ambiguity aversion. Instead of relaxing the independence axiom to accommodate uncertainty aversion, we impose independence on constant acts only. Maxmin and variational preferences are characterized by different strengthenings of the monotonicity axiom.

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Year of publication:	2010
Authors:	Nascimento, Leandro ; Riella, Gil
Published in:	Mathematical Social Sciences. - Elsevier, ISSN 0165-4896. - Vol. 59.2010, 3, p. 326-329
Publisher:	Elsevier
Subject:	Monotonicity Independence Ambiguity

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008488345