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Differentiating ambiguity: an expository note. (English) Zbl 1149.91025
Summary: P. Ghirardato, F. Maccheroni and M. Marinacci [J. Econ. Theory 118, No. 2, 133–173 (2004; Zbl 1112.91021)] propose a method for distinguishing between perceived ambiguity and the decision-maker’s reaction to it. They study a general class of preferences which they refer to as invariant biseparable. This class includes CEU and MEU. This note presents some examples which illustrate their results.

MSC:
91B06 Decision theory
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