A test of (weak) certainty independence

A-Tier
Journal: Journal of Economic Theory
Year: 2023
Volume: 209
Issue: C

Score contribution per author:

1.341 = (α=2.01 / 3 authors) × 2.0x A-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We provide a test of the axioms of certainty and weak certainty independence in models of decision-making under subjective uncertainty. We show that it is through these two weakenings of the classic independence axiom that prominent ambiguity models retain properties that stand in conflict with the ambiguity-sensitive behavior that is revealed in our experiment. Our findings suggest that this conflict may be of a more fundamental nature than what most of these models can accommodate. Our results call for the use of ambiguity models that can accommodate an ambiguity attitude which depends on the chances of winning.

Technical Details

RePEc Handle
repec:eee:jetheo:v:209:y:2023:i:c:s0022053123000194
Journal Field
Theory
Author Count
3
Added to Database
2026-01-25