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$\lambda $-system 1 Ambiguity 1 Capacity 1 Choquet expected utility 1 Expected utility 1 Inner measure 1
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Zhang, Jiankang 1
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Subjective ambiguity, expected utility and Choquet expected utility
Zhang, Jiankang - In: Economic Theory 20 (2002) 1, pp. 159-181
Using the Savage set up, this paper provides a simple axiomatization of the Choquet Expected Utility model where the capacity is an inner measure. Two attractive features of the model are its specificity and the transparency of its axioms. The key axiom states that the decision-maker uses...
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