The Institute for Mathematical Behavioral Sciences Colloquium Series presents
“Ambiguity Aversion with Three or More Outcomes”
with Mark J. Machina, Department of Economics, UC San Diego
Thursday, November 7, 2013
Social Science Plaza A, Room 2112
Ambiguous choice problems which involve three or more outcome values can reveal aspects
of ambiguity and ambiguity aversion which cannot be displayed in the classic two-outcome
Ellsberg urn problems, and hence are not always captured by models designed to accommodate
them. These aspects include Allais-type preferences over purely subjective acts, attitudes
toward different sources involving different amounts of ambiguity, and attitudes toward
ambiguity at different outcome levels (or in gains versus losses). This talk presents
a few such examples, and examines the standard models’ predictions and performance
in such cases.
For further information, please contact Joanna Kerner at email@example.com.