Robust alpha-maxmin representations
The class of -maxmin representations of an agent’s preferences is meant to achieve a separation between the ambiguity he perceives and his attitude toward this perceived ambiguity. Yet the same preferences may admit a multiplicity of -maxmin representations that contradict each other. We say that an -maxmin representation is robust when no other -maxmin representation exists for the same preferences. We obtain a full characterization of robustness for maxmin representation. In the case of general -maxmin representations, we obtain sufficient conditions for both robustness and non-robustness. This contributes to better identification of the -maxmin representations that admit a robust interpretation in terms of perceived ambiguity and ambiguity attitudes.
