Nehring, Klaus - In: Economics and Philosophy 25 (2009) 03, pp. 303-334
Al-Najjar and Weinstein (2009) argue that the extant literature on ambiguity aversion is not successful in accounting for Ellsberg choices as rational responses to ambiguity. We concur, and propose that rational choice under ambiguity aims at robustness rather than avoidance of ambiguity. A...