Skiadas, Costis - In: Theoretical economics : TE ; an open access journal in … 8 (2013) 1, pp. 59-93
Preferences are defined over payoffs that are contingent on a finite number of states representing a horse race (Knightian uncertainty) and a roulette (objective risk). The class of scale-invariant (SI) ambiguity-averse preferences, in a broad sense, is uniquely characterized by a multiple-prior...
