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wp1305.pdf
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We derive necessary and sufficient conditions for data sets composed of state-contingent prices and consumption to be consistent with two prominent models of decision making under uncertainty: variational preferences and smooth ambiguity. The revealed preference conditions for subjective expected utility, maxmin expected utility, and multiplier preferences are characterised as special cases. We implement our tests on data from a portfolio choice experiment.
Authors
![Matthew Polisson](/sites/default/files/styles/square_desktop/public/2022-05/Matthew_Polisson.jpg?itok=qIHlcqdm)
Research Associate University of Leicester
Professor of Economics at the University of Leicester. His research interests are in applied microeconomics and microeconomic theory.
![Person graphic](/sites/default/files/styles/square_desktop/public/2022-06/IFS-person-graphic.png?itok=hWCtTSrz)
Ralph Bayer
![Person graphic](/sites/default/files/styles/square_desktop/public/2022-06/IFS-person-graphic.png?itok=hWCtTSrz)
Subir Bose
![Person graphic](/sites/default/files/styles/square_desktop/public/2022-06/IFS-person-graphic.png?itok=hWCtTSrz)
Ludovic Renou
Working Paper details
- DOI
- 10.1920/wp.ifs.2013.1305
- Publisher
- Institute for Fiscal Studies
Suggested citation
Bayer, R et al. (2013). Ambiguity revealed. London: Institute for Fiscal Studies. Available at: https://ifs.org.uk/publications/ambiguity-revealed (accessed: 30 June 2024).
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