Are probabilities used in markets?

• 成果类型: Article
• 署名作者: Epstein, LG
• 署名单位: University of Rochester
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.1999.2590
• 发表日期: 2000
• 页码: 86-90
• 关键词: probabilities; ambiguity; uncertainty; Ellsberg paradox; asset demands

摘要

Working in a complete-markets setting, a property of asset demands is identified that thai is inconsistent with the investor's preference being based on probabilities. In this way, a market counterpart of the Ellsberg Paradox is provided. Journal Economic Literature Classification Numbers: D00. D80. D81. (C) 2000 Academic Press.