The alpha‐maxmin model is a prominent example of preferences under Knightian uncertainty as it allows to distinguish ambiguity and ambiguity attitude. These preferences are dynamically inconsistent for nontrivial versions of alpha. In this paper, we derive a recursive, dynamically consistent version of the alpha‐maxmin model. In the continuous‐time limit, the resulting dynamic utility function can be represented as a convex mixture between worst and best case, but now at the local, infinitesimal level.

中文翻译：

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动态一致的alpha-maxmin预期效用

alpha-maxmin模型是Knightian不确定性下偏好的突出示例，因为它可以区分歧义和歧义态度。对于非平凡的Alpha版本，这些首选项动态不一致。在本文中，我们得出了alpha-maxmin模型的递归，动态一致版本。在连续时间限制内，最终的动态效用函数可以表示为最坏情况与最佳情况之间的凸混合，但现在处于局部无穷小级别。