An extended version of this paper was previously circulated with the title “Variational Representation of Preferences under Ambiguity” ICER Working Paper 5/2004, March 2004. We thank Erio Castagnoli, Rose-Anne Dana, Larry Epstein, Peter Klibanoff, Bart Lipman, Mark Machina, Jianjun Miao, Sujoy Mukerji, Emre Ozdenoren, Ben Polak, and, especially, Andy Postlewaite and four anonymous referees for helpful discussions and suggestions. We also thank several seminar audiences. Part of this research was done while the first two authors were visiting the Department of Economics of Boston University, which is thanked for its hospitality. They also gratefully acknowledge the financial support of the Ministero dell'Istruzione, dell'Università e della Ricerca. Rustichini gratefully acknowledges the financial support of the National Science Foundation (Grant SES-04-52477).
Ambiguity Aversion, Robustness, and the Variational Representation of Preferences
Article first published online: 1 NOV 2006
Volume 74, Issue 6, pages 1447–1498, November 2006
How to Cite
Maccheroni, F., Marinacci, M. and Rustichini, A. (2006), Ambiguity Aversion, Robustness, and the Variational Representation of Preferences. Econometrica, 74: 1447–1498. doi: 10.1111/j.1468-0262.2006.00716.x
- Issue published online: 1 NOV 2006
- Article first published online: 1 NOV 2006
- Manuscript received August, 2004; final revision received April, 2006.
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