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Ellsberg?s famous paradox [1961] focused attention on the importance of the precision of the probabilities underlying risky choice. Following his seminal work numerous studies have demonstrated that people are generally averse to imprecisely specified (vague) probabilities. In many important...
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The first objective of the dissertation is to test for price asymmetry in several important agricultural product markets: beef, pork, poultry, eggs, potatoes, tomatoes and lemons. Studies by other economists suggest that evidence on the presence of asymmetric price adjustment is mixed. This...
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