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Suppose that a gambler has probabilities over the probability of a ip, but is ambiguity averse, and so evaluates the bet by the Hurwicz criterion,
Suppose that a gambler has probabilities over the probability of a ip, but is ambiguity averse, and so evaluates the bet by the Hurwicz criterion, where the bet is assessed by placing weight a on the worst outcome and (10:) on the expected payoff. Is it possible to replicate the behavior of this agent (accept or reject the bet) by a gambler with no ambiguity aversion, for all K1 and K2? Explain
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