Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/150237 
Year of Publication: 
2014
Citation: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 9 [Issue:] 3 [Publisher:] The Econometric Society [Place:] New Haven, CT [Year:] 2014 [Pages:] 779-816
Publisher: 
The Econometric Society, New Haven, CT
Abstract: 
This paper discusses models of choice under imprecise objective probabilistic information featuring beliefs about beliefs -- second order beliefs. A new model, called Second Order Dual Expected Utility (SODEU) featuring non-additive second order beliefs is introduced, axiomatized and systematically contrasted with the leading alternative model of this kind, the Second Order Subjective Expected Utility (SOSEU) model (Klibanoff, Marinacci, Mukerji, 2005; Nau, 2006; Seo, 2009) for which, for the sake of comparison, we provide a new axiomatization, dispensing with the complex constructs used in extant axiomatizations. Ambiguity attitude and attitude toward information in general are discussed and characterized.
Subjects: 
Imprecise probabilistic information
second order beliefs
non-additive probabilities
ambiguity aversion
Ellsberg paradox
Choquet integral
JEL: 
D81
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

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