Weighted and quadratic models of choice under uncertainty |
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| Authors: | Kin Chung Lo |
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| Affiliation: | Department of Economics, University of Toronto, 150 St. George Street, Toronto, Ontario M5S 1AL, Canada |
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| Abstract: | This paper extends the weighted and quadratic utility models of choice under risk to the context of choice under uncertainty. An important characteristic of the models is that they admit ‘dynamically consistent’ updating rules. |
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| Keywords: | Uncertainty Ellsberg Paradox Weighted utility Quadratic utility Dynamic consistency |
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