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Handbook of the Economics of Risk and Uncertainty
book

Handbook of the Economics of Risk and Uncertainty

by Mark Machina, W. Kip Viscusi
November 2013
Beginner content levelBeginner
896 pages
35h 10m
English
North Holland
Content preview from Handbook of the Economics of Risk and Uncertainty
Ambiguity and Ambiguity Aversion
741
P2 Sure-Thing Principle: For all events E and all acts
f
(·), f (·), f
(·
)
and
f
′′
(·), ( f
(·), E;f
(·), E)( f (·), E;f
(·), E
)
if and only if
(
f
(·), E;f
′′
(·)
,
E)( f (·), E;f
′′
(·), E
)
.
P3 Eventwise Monotonicity: For all outcomes x
*
,x, all nonnull
25
events E and
all acts f (·), (x
*
,E; f (·),E)(x,E; f (·),E) if and only if x
*
x.
P4 Weak Comparative Probability: For all events E*, E and all out-
comes
x
x, ˆx
≻ˆx, (x
, E
;x, E
) (x
, E;x, E
)
if and only if
(
ˆx
, E
x, E
) (ˆx
, Ex, E
)
.
P5 Non-Degeneracy: There exist outcomes x
*
and x such that x
*
x.
P6 Small Event Continuity: For all ...
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Publisher Resources

ISBN: 9780444536853