Recent developments in modeling preferences: Uncertainty and ambiguity


Camerer, Colin F. ; Weber, Martin



DOI: https://doi.org/10.1007/BF00122575
URL: https://link.springer.com/article/10.1007/BF001225...
Additional URL: https://www.jstor.org/stable/41755006
Document Type: Article
Year of publication: 1992
The title of a journal, publication series: Journal of Risk and Uncertainty
Volume: 5
Issue number: 4
Page range: 325-370
Place of publication: New York, NY [u.a.]
Publishing house: Springer
ISSN: 0895-5646 , 1573-0476
Related URLs:
Publication language: English
Institution: Business School > ABWL u. Finanzwirtschaft, insbes. Bankbetriebslehre (Weber 1993-2017)
Subject: 150 Psychology
330 Economics
Keywords (English): ambiguity , uncertainty , Ellsberg paradox , nonexpected utility
Abstract: 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.




Dieser Eintrag ist Teil der Universitätsbibliographie.




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