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Type: IFS Working Papers Authors: Ralph Bayer, Subir Bose, Matthew Polisson and Ludovic Renou
JEL classification: D1, D8 Keywords: ambiguity, expected utility, maxmin, revealed preference, smooth, uncertainty, variational
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. Search |
 View all IFS Working Papers in the series
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