Expected Utility with Lower Probabilities
AbstractAn uncertain and not just risky situation may be modeled using so-called belief functions assigning lower probabilities to subsets of outcomes. In this article we extend the von Neumann-Morgenstern expected utility theory from probability measures to belief functions. We use this theory to characterize uncertainty neutrality and different degrees of uncertainty aversion. Coauthors are Hans Jorgen Jacobsen, Birgitte Sloth, and Torben Tranaes. Copyright 1994 by Kluwer Academic Publishers
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Bibliographic InfoArticle provided by Springer in its journal Journal of Risk and Uncertainty.
Volume (Year): 8 (1994)
Issue (Month): 2 (March)
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- Hendon, Ebbe & Jacobsen, Hans Jorgen & Sloth, Birgitte & Tranaes, Torben, 1996.
"The product of capacities and belief functions,"
Mathematical Social Sciences,
Elsevier, vol. 32(2), pages 95-108, October.
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- Klaus Nehring, 2000. "A Theory of Rational Choice under Ignorance," Theory and Decision, Springer, vol. 48(3), pages 205-240, May.
- Ebbe Groes & Hans Jørgen Jacobsen & Birgitte Sloth & Torben Tranaes, 1998. "Nash Equilibrium with Lower Probabilities," Theory and Decision, Springer, vol. 44(1), pages 37-66, January.
- Asheim, G.B. & Dufwenberg, M., 1996. "Admissibility and Common Knowledge," Discussion Paper 1996-16, Tilburg University, Center for Economic Research.
- Philippe, Fabrice, 2000. "Cumulative prospect theory and imprecise risk," Mathematical Social Sciences, Elsevier, vol. 40(3), pages 237-263, November.
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