If the prior support is finite, long-run ambiguity is known to be a possible outcome only if the learning problem is misspecified (Marinacci and Massari, 2019). We show that if the prior support is naturally rich, long-run ambiguity cannot occur.
Massari, F., Newton, J. (2020). When does ambiguity fade away?. ECONOMICS LETTERS, 194, 1-5 [10.1016/j.econlet.2020.109404].
When does ambiguity fade away?
Massari, Filippo;
2020
Abstract
If the prior support is finite, long-run ambiguity is known to be a possible outcome only if the learning problem is misspecified (Marinacci and Massari, 2019). We show that if the prior support is naturally rich, long-run ambiguity cannot occur.File in questo prodotto:
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When_does_ambiguity.pdf
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