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
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by Department of Economics, University of Birmingham in its series Discussion Papers with number 91-17.
Length: 23 pages
Date of creation: 1991
Date of revision:
risk ; economic theory;
Other versions of this item:
- Kelsey, David & Quiggin, John, 1992. " Theories of Choice under Ignorance and Uncertainty," Journal of Economic Surveys, Wiley Blackwell, vol. 6(2), pages 133-53.
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Carlo Zappia, 2008. "Non-Bayesian decision theory ante-litteram: the case of G. L. S. Shackle," Department of Economic Policy, Finance and Development (DEPFID) University of Siena 0408, Department of Economic Policy, Finance and Development (DEPFID), University of Siena.
- Alberto Feduzi, 2005.
"On the relationship between keynes´s conception of evidential weight and the ellsberg paradox,"
Departmental Working Papers of Economics - University 'Roma Tre'
0051, Department of Economics - University Roma Tre.
- Feduzi, Alberto, 2007. "On the relationship between Keynes's conception of evidential weight and the Ellsberg paradox," Journal of Economic Psychology, Elsevier, vol. 28(5), pages 545-565, October.
- Marcello Basili & Carlo Zappia, 2010.
"Ambiguity and uncertainty in Ellsberg and Shackle,"
Cambridge Journal of Economics,
Oxford University Press, vol. 34(3), pages 449-474.
- MacLaren, Donald, 1997.
"Uncertainty Aversion and Technical Barriers to Trade: An Australian Example,"
1995: Understanding Technical Barriers to Agricultural Trade Conference, December 1995, Tucson, Arizona
51388, International Agricultural Trade Research Consortium.
- MacLaren, D., 1995. "Uncertainty AVersion and Technical Barriers to Trade: An Australian Example," Department of Economics - Working Papers Series 498, The University of Melbourne.
- Feduzi, Alberto & Runde, Jochen, 2011. "The uncertain foundations of the welfare state," Journal of Economic Behavior & Organization, Elsevier, vol. 80(3), pages 613-627.
- Marcello Basili & Carlo Zappia, 2007. "The weight of argument and non-additive measures: a note," Department of Economic Policy, Finance and Development (DEPFID) University of Siena 003, Department of Economic Policy, Finance and Development (DEPFID), University of Siena.
- Shaw, W. Douglass & Woodward, Richard T., 2008. "Why environmental and resource economists should care about non-expected utility models," Resource and Energy Economics, Elsevier, vol. 30(1), pages 66-89, January.
- Horan, Richard D. & Lupi, Frank, 2003. "Tradable Risk Permits To Prevent Future Introductions Of Alien Invasive Species Into The Great Lakes," 2003 Annual meeting, July 27-30, Montreal, Canada 22111, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Colin Rowat).
If references are entirely missing, you can add them using this form.