Uncertainty Aversion with Second-Order Utilities and Probabilities
Subjective expected utility theory does not distinguish between attitudes toward uncertainty (ambiguous probabilities) and attitudes toward risk (unambiguous probabilities). Both are explained in terms of nonlinear utility for money rather than properties of events per se, hence, the decision maker...
| Veröffentlicht in: | Management Science. - Institute for Operations Research and the Management Sciences, 1954. - 52(2006), 1, Seite 136-145 |
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| Format: | Online-Aufsatz |
| Sprache: | English |
| Veröffentlicht: |
2006
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| Zugriff auf das übergeordnete Werk: | Management Science |
| Schlagworte: | risk aversion uncertainty aversion ambiguity state-dependent utility Choquet expected utility cumulative prospect theory state-preference theory Ellsberg's paradox smooth preferences Economics mehr... |
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