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Kin Chung Lo
''Risk, Ambiguity, and the Klibanoff Axioms''
( 2008, Vol. 4 No.27 )
Machina (2007) formulates a number of experiments, and shows that they can be used to test the Choquet expected utility model. We show that one of them can also be used to test the class of maxmin expected utility preferences in Klibanoff (2001). Those preferences are not consistent with Choquet expected utility preferences in Machina's experiment.
Keywords: maxmin expected utility
JEL: D8 - Information, Knowledge, and Uncertainty: General
Manuscript Received : Jun 29 2008 Manuscript Accepted : Aug 29 2008

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