Time and No Lotteries: An Axiomatization of Maxmin Expected Utility
对跨期最大最小期望效用模型进行了公理化，通过两个动态设定下的公理，将模糊厌恶表现为跨期消费平滑偏好，并将Koopmans的平稳性概念扩展到随机环境。
This paper axiomatizes an intertemporal version of the maxmin expected-utility model. It employs two axioms specific to a dynamic setting. The first requires that smoothing consumption across states of the world is more beneficial to the individual than smoothing consumption across time. Such behavior is viewed as the intertemporal manifestation of ambiguity aversion. The second axiom extends Koopmans' notion of stationarity from deterministic to stochastic environments.