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Robust α-maxmin representations

Author

Listed:
  • Chateauneuf, Alain
  • Qu, Xiangyu
  • Ventura, Caroline
  • Vergopoulos, Vassili

Abstract

The class of α-maxmin representations of an agent’s preferences is meant to achieve a separation between the ambiguity he perceives and his attitude toward this perceived ambiguity. Yet the same preferences may admit a multiplicity of α-maxmin representations that contradict each other. We say that an α-maxmin representation is robust when no other α-maxmin representation exists for the same preferences. We obtain a full characterization of robustness for maxmin representation. In the case of general α-maxmin representations, we obtain sufficient conditions for both robustness and non-robustness. This contributes to better identification of the α-maxmin representations that admit a robust interpretation in terms of perceived ambiguity and ambiguity attitudes.

Suggested Citation

  • Chateauneuf, Alain & Qu, Xiangyu & Ventura, Caroline & Vergopoulos, Vassili, 2024. "Robust α-maxmin representations," Journal of Mathematical Economics, Elsevier, vol. 114(C).
    • Handle: RePEc:eee:mateco:v:114:y:2024:i:c:s0304406824001058
    DOI: 10.1016/j.jmateco.2024.103045
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