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Learning about the Ellsberg Paradox reduces, but does not abolish, ambiguity aversion. [PDF]
PLoS ONE, 2020 Ambiguity aversion-the tendency to avoid options whose outcome probabilities are unknown-is a ubiquitous phenomenon. While in some cases ambiguity aversion is an adaptive strategy, in many situations it leads to suboptimal decisions, as illustrated by ...
Ruonan Jia +4 more
doaj +6 more sources
Identifying Quantum Structures in the Ellsberg Paradox [PDF]
International Journal of Theoretical Physics, 2013 Empirical evidence has confirmed that quantum effects occur frequently also outside the microscopic domain, while quantum structures satisfactorily model various situations in several areas of science, including biological, cognitive and social processes.
Aerts, Diederik +2 more
core +7 more sources
A Quantum Cognition Analysis of the Ellsberg Paradox [PDF]
, 2011 The 'expected utility hypothesis' is one of the foundations of classical approaches to economics and decision theory and Savage's 'Sure-Thing Principle' is a fundamental element of it.
Aerts, Diederik +2 more
core +6 more sources
Quantum Structure in Economics: The Ellsberg Paradox [PDF]
AIP Conference Proceedings, 2012 The 'expected utility hypothesis' and 'Savage's Sure-Thing Principle' are violated in real life decisions, as shown by the 'Allais' and 'Ellsberg paradoxes'. The popular explanation in terms of 'ambiguity aversion' is not completely accepted.
Aerts, Diederik, Sozzo, Sandro
core +6 more sources
Affective Decision Making and the Ellsberg Paradox [PDF]
SSRN Electronic Journal, 2008 Affective decision-making is a strategic model of choice under risk and uncertainty where we posit two cognitive processes -- the "rational" and the "emotional" process. Observed choice is the result of equilibrium in this intrapersonal game.
Anat Bracha, Donald J. Brown
core +11 more sources
A Contextual Risk Model for the Ellsberg Paradox [PDF]
Journal of Engineering Science and Technology Review, 2011 The Allais and Ellsberg paradoxes show that the expected utility hypothesis and Savage's Sure-Thing Principle are violated in real life decisions. The popular explanation in terms of 'ambiguity aversion' is not completely accepted.
Aerts, Diederik, Sozzo, Sandro
core +7 more sources
Ambiguity aversion in a delay analogue of the Ellsberg Paradox [PDF]
Judgment and Decision Making, 2012 Decision makers are often ambiguity averse, preferring options with subjectively known probabilities to options with unknown probabilities. The Ellsberg paradox is the best-known example of this phenomenon.
Bethany J. Weber, Wah Pheow Tan
doaj +7 more sources
Modeling the Ellsberg Paradox by Argument Strength [PDF]
, 2017 We present a formal measure of argument strength, which combines the ideas that conclusions of strong arguments are (i) highly probable and (ii) their uncertainty is relatively precise.
Pankka, Hanna, Pfeifer, Niki
core +5 more sources
On the Ellsberg and Machina paradoxes [PDF]
Theory and Decision, 2023 AbstractThis paper constructs a simple model of decision-making that accounts for the paradoxes of Ellsberg and Machina. It does so by representing decision makers’ beliefs on the vector space $${\mathbb{R}}\times {\mathbb{R}}$$ R × R and ...
Keiran Sharpe
openaire +2 more sources
The Ellsberg paradox: A challenge to quantum decision theory? [PDF]
Journal of Mathematical Psychology, 2017 zbMATH Open Web Interface contents unavailable due to conflicting licenses.
al-Nowaihiy, Ali, Dhamiz, Sanjit
+8 more sources