Forming Beliefs with Imprecise Information
نویسنده
چکیده
An individual forms belief over event using past data. However, in some cases, for some events, it cannot be determined whether the event has occurred. When processing the data, the individual will have to make a judgment regarding the realization of the event. We present a model in which ambiguity arises precisely because of this aspect of information. Attitude towards ambiguity is determined by the individuals judgment regarding the occurrence of events. An individual who treats cases in which she is not sure the event occurred as if it hasnt will be ambiguity averse, while an individual who treats these cases as if the event has occurred will be ambiguity loving. Correspondence address: The Eitan Berglas School of Economics, Tel Aviv University, Ramat Aviv, Tel Aviv, 69978, Israel. Telephone number: (972) 3-640-9906. Email: [email protected]
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