Semi-consistent conditional preferences are inconsistent enough for different ambiguity attitudes to manifest themselves in different behavior and consistent enough for information to be generically valuable. To simultaneously achieve these two desiderata I assume exactly one type of dynamic inconsistency: agents do not update their preferences upon learning independent randomization outcomes. (C)& nbsp;2022 Published by Elsevier Inc.
Ambiguity aversionDynamic consistencyGames with incomplete informationEXPECTED UTILITYAMBIGUITYRANDOMIZATIONPREFERENCESBELIEFSCHOICEDESIGNSAVAGE
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Elsevier
