Knightian Decision Theory: Part 1
AbstractA theory of choice under uncertainty is proposed which removes the completeness assumption from the Anscombe-Aumann formulation of Savage's theory and introduces an inertia assumption. The inertia assumption is that there is such a thing as the status quo and an alternative is accepted only if it is preferred to the status quo. This theory is one way of giving rigorous expression to Frank Knight's distinction between risk and uncertainty.
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Bibliographic InfoPaper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 807.
Length: 54 pages
Date of creation: Nov 1986
Date of revision:
Publication status: Published in Decisions in Economics and Finance (2002), 25(2): 79-110
Note: CFP 1053
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA
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