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Decision under Uncertainty

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  • Brian Hill

    (HEC Paris - Recherche - Hors Laboratoire - HEC Paris - Ecole des Hautes Etudes Commerciales, CNRS - Centre National de la Recherche Scientifique, GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

Abstract

A series of famous examples casts doubt on the standard, Bayesian account of belief and decision in situations of considerable uncertainty. They have spawned a significant literature in economics, and to a lesser extent philosophy. This chapter some of this literature, with an emphasis on the normative issue of rational decision. [Pre-print version: please see the book for the final version, and cite it.]

Suggested Citation

  • Brian Hill, 2021. "Decision under Uncertainty," Post-Print hal-03504015, HAL.
    • Handle: RePEc:hal:journl:hal-03504015
    Note: View the original document on HAL open archive server: https://hal.science/hal-03504015
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    References listed on IDEAS

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    6. Hill, Brian, 2013. "Confidence and decision," Games and Economic Behavior, Elsevier, vol. 82(C), pages 675-692.
    7. Camerer, Colin & Weber, Martin, 1992. "Recent Developments in Modeling Preferences: Uncertainty and Ambiguity," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 325-370, October.
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    9. Itzhak Gilboa & Fabio Maccheroni & Massimo Marinacci & David Schmeidler, 2010. "Objective and Subjective Rationality in a Multiple Prior Model," Econometrica, Econometric Society, vol. 78(2), pages 755-770, March.
    10. Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2005. "A Smooth Model of Decision Making under Ambiguity," Econometrica, Econometric Society, vol. 73(6), pages 1849-1892, November.
    11. Fabio Maccheroni & Massimo Marinacci & Aldo Rustichini, 2006. "Ambiguity Aversion, Robustness, and the Variational Representation of Preferences," Econometrica, Econometric Society, vol. 74(6), pages 1447-1498, November.
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    13. Truman F. Bewley, 1986. "Knightian Decision Theory: Part 1," Cowles Foundation Discussion Papers 807, Cowles Foundation for Research in Economics, Yale University.
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    Cited by:

    1. Nigel Booker & Jeffrey D. Gates & Peter Knights, 2021. "Cognitive Biases and the Cultural Disconnect between Engineers and Decision-makers," Technium Social Sciences Journal, Technium Science, vol. 17(1), pages 35-62, March.

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