Author: Ozdenoren E.
Publisher: Academic Press
ISSN: 0022-0531
Source: Journal of Economic Theory, Vol.105, Iss.2, 2002-08, pp. : 531-539
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Abstract
We define an opportunity act as a mapping from an exogenously given objective state space to a set of lotteries over prizes, and consider preferences over opportunity acts. We allow the preferences to be possibly uncertainty averse. Our main theorem provides an axiomatization of the maxmin expected utility model. In the theorem we construct subjective states to complete the objective state space. As in E. Dekel
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