Theories of Choice under Ignorance and Uncertainty
AbstractIn this paper, Knight's distinction between risk and uncertainty, and its significance for economic analysis are examined. The paper consists of a survey of some recent developments on the theory of choice under uncertainty and some applications of these theories to problems for which Bayesian Decision Theory has not proved entirely satisfactory. Two problems are examined in detail. The first is that of finance and insurance and the second is that of risk-taking behavior with special emphasis on lotteries. Copyright 1992 by Blackwell Publishers Ltd
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Economic Surveys.
Volume (Year): 6 (1992)
Issue (Month): 2 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0950-0804
Other versions of this item:
- Quiggin, J. & Kelsey, D., 1991. "Theories of Choice Under Ignorance and Uncertainty," Discussion Papers 91-17, Department of Economics, University of Birmingham.
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