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When confronted with uncertain prospects, people often exhibit both choice deferral and Ellsberg-type ambiguity aversion. This paper obtains a joint representation for these behavioral phenomena. The decision maker as portrayed by my model is willing to choose an uncertain prospect f over g...
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experiment and for predictions (second iteration). The QDT effect associated with the attraction factor is mostly appreciable for … prospects with big losses. Our quantitative analysis of the experiment results supports the existence of an intrinsic limit of …
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