Ambiguous Correlation

• Larry G Epstein ^[1] ; Yoram Halevy ^[2]
  1. [1] Boston University

     Boston University

     City of Boston, Estados Unidos

     
  2. [2] University of Toronto

     University of Toronto

     Canadá

     
• Localización: Review of economic studies, ISSN 0034-6527, Vol. 86, Nº 2, 2019, págs. 668-693
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • Many decisions are made in environments where outcomes are determined by the realization of multiple random events. A decision maker may be uncertain how these events are related. We identify and experimentally substantiate behaviour that intuitively reflects a lack of confidence in their joint distribution. Our findings suggest a dimension of ambiguity which is different from that in the classical distinction between risk and “Knightian uncertainty”.