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Anscombe and Aumann (1963) offer a definition of subjective probability in terms of comparisons with objective probabilities. That definition - which has provided the basis for much of the succeeding work on subjective probability - presumes that the subjective probability of an event is...
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probabilities, and (3) are ambiguity non-neutral. By decomposing ambiguity into risk and model uncertainty, and jointly eliciting …
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In the debate on international waste trade, the focus on resource efficiency and recycling has gradually begun to …
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I analyze optimal natural resource use in an intergenerational model with the risk of a catastrophe. Each generation …
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makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more …
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Since at least de Finetti [7], preference symmetry assumptions have played an important role in models of decision …
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