Recent developments in modelling preferences: Uncertainty and ambiguitiy

Arbeitspapier

In subjective expected utility (SEU) the decision weights people attach to events are their beliefs about the likelihood of events. Much empirical evidence, inspired by Ellsberg (1961) and others, shows that people prefer to bet on events they know more about, even when their beliefs are held constant. (They are averse to "ambiguity", or uncertainty about probability.) We review evidence, recent theoretical explanations, and applications of research on ambiguity and SEU.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel ; No. 275

Classification and Topics

• Classification: Management ; Criteria for Decision-Making under Risk and Uncertainty ; Design of Experiments: Laboratory, Individual
• Subject: Ambiguity ; uncertainty ; Ellsberg paradox ; non-expected utility

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Camerer, Colin F. ; Weber, Martin
• Event: Veröffentlichung
• (who): Universität Kiel, Institut für Betriebswirtschaftslehre ; ZBW – Leibniz Information Centre for Economics
• (where): Kiel
• (when): 1991

Further information

• Handle: http://hdl.handle.net/10419/161405
• Last update: 10.03.2025, 11:44 AM CET