Comment on Ellsberg's two-color experiment, portfolio inertia and ambiguity
Résumé
The final step in the proof of Proposition 1 (p.311) of Mukerji and Tallon (2003) may not hold in general
because $\varepsilon>0$ in the proof cannot be chosen independently of $w,z$. We point out by a counterexample that the axioms they impose are too weak for Proposition 1. We introduce a modified set of axioms and re-establish the proposition
because $\varepsilon>0$ in the proof cannot be chosen independently of $w,z$. We point out by a counterexample that the axioms they impose are too weak for Proposition 1. We introduce a modified set of axioms and re-establish the proposition
Domaines
Economies et financesOrigine | Fichiers produits par l'(les) auteur(s) |
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