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Decision Under Uncertainty: State of the Science

Author

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  • Itzhak Gilboa

    (HEC Paris, Jouy-en-Josas, France
    Reichman University, Herzliya, Israel)

Abstract

Expected utility maximization is the dominant theory for decision making under uncertainty. Over the past decades evidence has been accumulated, indicating that the theory is often violated and sometimes even questioned as a normative standard. Alternative theories have been proposed for choices with known and unknown probabilities. These theories, in turn, have also been challenged by more recent evidence. This review attempts to provide an overview of the field, highlighting some questions that economists should pose when modeling choice under uncertainty.

Suggested Citation

  • Itzhak Gilboa, 2025. "Decision Under Uncertainty: State of the Science," Annual Review of Economics, Annual Reviews, vol. 17(1), pages 1-30, August.
    • Handle: RePEc:anr:reveco:v:17:y:2025:p:1-30
    DOI: 10.1146/annurev-economics-090924-041522
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    Cited by:

    1. Florian Mudekereza, 2026. "Belief Aggregation under Costly Information," Papers 2606.11600, arXiv.org.

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