Describe the intuition underlying kliban off

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Question: Describe the intuition underlying Kliban off , Marinacci, and Mukerji's (2005) smooth ambiguity-averse preferences. Explain how these smooth preferences can nest both Gilboa and Schmeidler's (1989) max-min type, multiple priors preferences, and the standard subjective expected utility case.

Reference no: EM131473030

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