Solution of the Ellsberg paradox by means of the principle of uncertain future [PDF]
The principle of uncertain future: the probability of a future event contains an (hidden) uncertainty. The first consequence of the principle: the real values of high probabilities are lower than the preliminarily determined ones; conversely, the real ...
Harin, Alexander
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Asymmetric loss utility: an analysis of decision under risk [PDF]
This paper develops a utility model for evaluating lotteries. In estimating utility, risk averse people use an asymmetric loss function. Expected utility is seen as a special case that is a good approximation of the general case in some cases.
Alex Strashny
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Cognitive modeling for understanding interactions between people and decision support tools in complex and uncertain environments: A study protocol. [PDF]
PLoS One, 2023 Molina I +8 more
europepmc +1 more source
Structural credit risk model driven by Lévy process under knight uncertainty. [PDF]
Ann Oper Res, 2023 Tang Z, Zhong B, Zhou L, Shen C.
europepmc +1 more source
Comment on Ellsberg's two-color experiment, portfolio inertia and ambiguity [PDF]
The final step in the proof of Proposition 1 (p.311) of Mukerji and Tallon (2003) may not hold in generalbecause $\varepsilon>0$ in the proof cannot be chosen independently of $w,z$.
Jean-Marc Tallon +3 more
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Is it Possible to Define Subjective Probabilities in Purely Behavioral Terms? A Comment on Epstein-Zhang (2001) [PDF]
It is shown that well-behaved preference orderings may exhibit the Ellsberg paradox on the set of unambiguous events as defined by Epstein and Zhang (2001).
Klaus Nehring
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Giving more detailed information about health insurance encourages consumers to choose compromise options. [PDF]
Front Psychol, 2023 Chick SE, Hawkins SA, Soberman D.
europepmc +1 more source
Ellsberg Paradox and Second-order Preference Theories on Ambiguity: Some New Experimental Evidence [PDF]
We study the two-color problem by Ellsberg (1961) with the modification that the decision maker draws twice with replacement and a different color wins in each draw.
Yang, Chun-Lei, Yao, Lan
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Risk, Ambiguity, and the Klibanoff Axioms [PDF]
Machina (2007) formulates a number of experiments, and shows that they can be used to test the Choquet expected utility model. We show that one of them can also be used to test the class of maxmin expected utility preferences in Klibanoff (2001).
Kin Chung Lo
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, 2009 Inspired by a quantum mechanical formalism to model concepts and their disjunctions and conjunctions, we put forward in this paper a specific hypothesis.
A. Tversky +45 more
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