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econ.TH2025
Aggregate then evaluate
Zachary Van Oosten, Ruodu Wang
We distinguish two frameworks for decisions under ambiguity: evaluate-then-aggregate (ETA) and aggregate-then-evaluate (ATE). Given a statistic that represents the decision maker's…
econ.TH2025
Choquet rank-dependent utility with an exogenous unambiguous source
Zachary Van Oosten, Ruodu Wang
We axiomatize the Choquet rank-dependent utility model within a Savage framework with an exogenous source of pure risk. This model is a decision model under ambiguity, serving as a…