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A smooth model of decision making under ambiguity.

Abstract

We propose and axiomatize a new model of preferences that achieves a separation between ambiguity, identified as a characteristic of the decision maker's subjective information, and ambiguity attitude, a characteristic of the decision maker's tastes.Ambiguity; Uncertainty; Knightian Uncertainty; Ambiguity Aversion; Uncertainty Aversion; Ellsberg Paradox

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