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Ambiguity aversion: the explanatory power of indeterminate probabilities

✍ Scribed by Horacio Arló-Costa; Jeffrey Helzner

Publisher
Springer Netherlands
Year
2009
Tongue
English
Weight
195 KB
Volume
172
Category
Article
ISSN
0039-7857

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Subjective uncertainty is characterized by ambiguity if the decision maker has an imprecise knowledge of the probabilities of payo relevant events. In such an instance, the decision maker's beliefs are better represented by a set of probability functions than by a unique probability function. An amb