Abstract
In the paper a game between private and public individuals is set in order to study under which conditions the former would like to limit ex-ante the choices of the latter. Ambiguity, as distinguished from risk, is explicitly introduced by means of capacities and Choquet Expected Utility. It is shown that constitutional constraints are necessary to prevent private individuals from being exploited by public individuals whenever citizens feel a too high level of ambiguity.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.