International Journal of Theoretical Physics, ISSN 0020-7748, 10/2014, Volume 53, Issue 10, pp. 3666 - 3682

..., including biological, cognitive and social processes. In this paper, we elaborate a quantum mechanical model which faithfully describes the Ellsberg paradox in economics...

Ellsberg paradox | Theoretical, Mathematical and Computational Physics | Quantum Physics | Complex Hilbert spaces | Physics, general | Physics | Quantum structures | Elementary Particles, Quantum Field Theory | Ambiguity | EXPLANATION | EXPECTED UTILITY | PHYSICS, MULTIDISCIPLINARY | RISK | Analysis | Quantum theory

Ellsberg paradox | Theoretical, Mathematical and Computational Physics | Quantum Physics | Complex Hilbert spaces | Physics, general | Physics | Quantum structures | Elementary Particles, Quantum Field Theory | Ambiguity | EXPLANATION | EXPECTED UTILITY | PHYSICS, MULTIDISCIPLINARY | RISK | Analysis | Quantum theory

Journal Article

Economics and philosophy, ISSN 0266-2671, 07/2016, Volume 32, Issue 2, pp. 231 - 248

.... The hypothesis that agents are averse to uncertainy about chances explains a pattern of preferences often observed in the Ellsberg paradox...

Symposium on Rational Choice and Philosophy | Ambiguity aversion | Uncertainty | Ellsberg Paradox | Chances | Ambiguity | DEFINITION | EXPECTED UTILITY | SUBJECTIVE-PROBABILITY | SMOOTH AMBIGUITY MODEL | RISK | ECONOMICS | ETHICS | Studies | Economic theory | Sociology

Symposium on Rational Choice and Philosophy | Ambiguity aversion | Uncertainty | Ellsberg Paradox | Chances | Ambiguity | DEFINITION | EXPECTED UTILITY | SUBJECTIVE-PROBABILITY | SMOOTH AMBIGUITY MODEL | RISK | ECONOMICS | ETHICS | Studies | Economic theory | Sociology

Journal Article

Journal of Risk and Uncertainty, ISSN 0895-5646, 2/2016, Volume 52, Issue 1, pp. 47 - 64

We present a simple model where preferences with complexity aversion, rather than ambiguity aversion, resolve the Ellsberg paradox...

Risk aversion | Complex compounds | Bags | Population estimates | Experiment design | Risk aversion preference | Population distributions | Expected utility | Paradoxes | Ambiguity | Risk | Ellsberg paradox | Uncertainty | Compound risk | Complexity | Models | Studies

Risk aversion | Complex compounds | Bags | Population estimates | Experiment design | Risk aversion preference | Population distributions | Expected utility | Paradoxes | Ambiguity | Risk | Ellsberg paradox | Uncertainty | Compound risk | Complexity | Models | Studies

Journal Article

Journal of Mathematical Psychology, ISSN 0022-2496, 06/2017, Volume 78, pp. 40 - 50

We set up a simple quantum decision model of the Ellsberg paradox. We find that the matching probabilities that our model predict are in good agreement with those empirically measured by Dimmock et al. (2015...

Ellsberg paradox | Probability weighting | Matching probabilities | Projective prospect theory | Quantum probability | Projective expected utility | AMBIGUITY AVERSION | RISK | EXPECTED UTILITY | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | UNCERTAINTY | SOCIAL SCIENCES, MATHEMATICAL METHODS | PSYCHOLOGY, MATHEMATICAL | PROSPECT-THEORY

Ellsberg paradox | Probability weighting | Matching probabilities | Projective prospect theory | Quantum probability | Projective expected utility | AMBIGUITY AVERSION | RISK | EXPECTED UTILITY | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | UNCERTAINTY | SOCIAL SCIENCES, MATHEMATICAL METHODS | PSYCHOLOGY, MATHEMATICAL | PROSPECT-THEORY

Journal Article

European Journal of Operational Research, ISSN 0377-2217, 08/2019, Volume 276, Issue 3, pp. 1034 - 1043

â€¢A new decision theory which models and axiomatizes the procedural rationality.â€¢It accounts for St. Petersburg, Allais, and Ellsberg paradoxes, and other anomalies...

Decision support systems | Behavioral model | The St. Petersburg paradox | The Allais paradox | The Ellsberg paradox | ATTENTION | INFORMATION | RISK | EXPECTED UTILITY | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | DECISION-MAKING | BEHAVIORAL OPERATIONAL-RESEARCH | FRAMEWORK | SALIENCE | FOUNDATIONS | PROSPECT-THEORY | Mathematical economics | Usage | Management | Decision theory

Decision support systems | Behavioral model | The St. Petersburg paradox | The Allais paradox | The Ellsberg paradox | ATTENTION | INFORMATION | RISK | EXPECTED UTILITY | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | DECISION-MAKING | BEHAVIORAL OPERATIONAL-RESEARCH | FRAMEWORK | SALIENCE | FOUNDATIONS | PROSPECT-THEORY | Mathematical economics | Usage | Management | Decision theory

Journal Article

Judgment and Decision Making, ISSN 1930-2975, 07/2012, Volume 7, Issue 4, pp. 383 - 389

.... The Ellsberg paradox is the best-known example of this phenomenon. Ambiguity has generally been studied in the domain of risky choice, and many theories of ambiguity aversion deal with ambiguity only in this...

Risk | Ellsberg paradox | Choice | Decision making | Delay | Ambiguity | PREFERENCE REVERSALS | BEHAVIOR | AXIOMS | INTERTEMPORAL CHOICE | PSYCHOLOGY, MULTIDISCIPLINARY | ambiguity | delay | DECISION-MAKING | decision making | UNCERTAINTY | risk | choice | Studies | Decision theory | choice.NAKeywords

Risk | Ellsberg paradox | Choice | Decision making | Delay | Ambiguity | PREFERENCE REVERSALS | BEHAVIOR | AXIOMS | INTERTEMPORAL CHOICE | PSYCHOLOGY, MULTIDISCIPLINARY | ambiguity | delay | DECISION-MAKING | decision making | UNCERTAINTY | risk | choice | Studies | Decision theory | choice.NAKeywords

Journal Article

Management Science, ISSN 0025-1909, 4/2019, Volume 65, Issue 4, pp. 1667 - 1677

.... We construct a test of weak separability by modifying the Allais paradox, adapting it to the Anscombeâ€“Aumann framework...

Allais paradox | Ellsberg paradox | weak separability | experiment | ambiguity aversion | Ambiguity aversion | Experiment | Weak separability | MANAGEMENT | Allias paradox | REPRESENTATION | RISK | EXPECTED UTILITY | CHOICE | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | DECISION-MAKING | PREFERENCES | UNCERTAINTY | ALLAIS PARADOX | PROSPECT-THEORY | Axioms | Aversion | Analysis | Models | Experimental studies | Monotonic functions | Ambiguity | Uncertainty | Preferences | Violations | Experiments

Allais paradox | Ellsberg paradox | weak separability | experiment | ambiguity aversion | Ambiguity aversion | Experiment | Weak separability | MANAGEMENT | Allias paradox | REPRESENTATION | RISK | EXPECTED UTILITY | CHOICE | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | DECISION-MAKING | PREFERENCES | UNCERTAINTY | ALLAIS PARADOX | PROSPECT-THEORY | Axioms | Aversion | Analysis | Models | Experimental studies | Monotonic functions | Ambiguity | Uncertainty | Preferences | Violations | Experiments

Journal Article

Journal of Risk and Uncertainty, ISSN 0895-5646, 3/2001, Volume 22, Issue 2, pp. 129 - 139

We investigate the evaluation of known (where probability is known) and unknown (where probability is unknown) bets in comparative and non-comparative...

Betting | Undergraduate students | Economic uncertainty | Games | Questionnaires | Average prices | Paradoxes | Probabilities | Ambiguity | ambiguity | comparative ignorance | Microeconomics | Environmental Economics | Economic Theory | Ellsberg Paradox | Operation Research/Decision Theory | Economics / Management Science | Comparative ignorance | BUSINESS, FINANCE | PREFERENCE REVERSALS | SEPARATE EVALUATIONS | UNCERTAINTY | ECONOMICS | JOINT | Risk aversion | Analysis | Comparative economics | Studies | Gambling | Behavioral decision theory | Comparative analysis

Betting | Undergraduate students | Economic uncertainty | Games | Questionnaires | Average prices | Paradoxes | Probabilities | Ambiguity | ambiguity | comparative ignorance | Microeconomics | Environmental Economics | Economic Theory | Ellsberg Paradox | Operation Research/Decision Theory | Economics / Management Science | Comparative ignorance | BUSINESS, FINANCE | PREFERENCE REVERSALS | SEPARATE EVALUATIONS | UNCERTAINTY | ECONOMICS | JOINT | Risk aversion | Analysis | Comparative economics | Studies | Gambling | Behavioral decision theory | Comparative analysis

Journal Article

Journal of Engineering Science and Technology Review, ISSN 1791-9320, 2011, Volume 4, Issue 3, pp. 246 - 250

Journal Article

Management Science, ISSN 0025-1909, 01/2006, Volume 52, Issue 1, pp. 136 - 145

...Â’s (1961) paradox. This paper presents a simple axiomatic model of nonneutral attitudes toward uncertainty and a behavioral test for uncertainty aversion that is applicable even if utility is state...

risk aversion | smooth preferences | ambiguity | state-dependent utility | Ellsberg's paradox | uncertainty aversion | cumulative prospect theory | state-preference theory | Choquet expected utility | Risk aversion | Betting | Management science | Economic uncertainty | Utility functions | Coordinate systems | Risk premiums | Economic utility | Paradoxes | Ambiguity | Uncertainty aversion | Cumulative prospect theory | State-dependent utility | Smooth preferences | State-preference theory | DEFINITION | DECISION | MANAGEMENT | RISK-AVERSION | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | SUBJECTIVE-PROBABILITY | PREFERENCES | PROSPECT-THEORY | risk aversion; uncertainty aversion; ambiguity; state-dependent utility; Choquet expected utility; cumulative prospect theory; state-preference theory; Ellsberg's paradox; smooth preferences | Expectation (Psychology) | Uncertainty | Analysis | Models | Statistical analysis | Decision making

risk aversion | smooth preferences | ambiguity | state-dependent utility | Ellsberg's paradox | uncertainty aversion | cumulative prospect theory | state-preference theory | Choquet expected utility | Risk aversion | Betting | Management science | Economic uncertainty | Utility functions | Coordinate systems | Risk premiums | Economic utility | Paradoxes | Ambiguity | Uncertainty aversion | Cumulative prospect theory | State-dependent utility | Smooth preferences | State-preference theory | DEFINITION | DECISION | MANAGEMENT | RISK-AVERSION | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | SUBJECTIVE-PROBABILITY | PREFERENCES | PROSPECT-THEORY | risk aversion; uncertainty aversion; ambiguity; state-dependent utility; Choquet expected utility; cumulative prospect theory; state-preference theory; Ellsberg's paradox; smooth preferences | Expectation (Psychology) | Uncertainty | Analysis | Models | Statistical analysis | Decision making

Journal Article

Economic Theory Bulletin, ISSN 2196-1085, 11/2013, Volume 1, Issue 2, pp. 139 - 144

... of the Ellsbergâ€™s paradox in terms of incompleteness of preferences. We adopt the standard model of information in terms of a $$\sigma $$ Ïƒ -algebra $$\Sigma $$ Î£ of events...

Asymmetric information | Ambiguity aversion | C44 | Economics general | Ellsbergâ€™s Paradox | Economic Theory | Game Theory, Economics, Social and Behav. Sciences | D81 | Economics / Management Science | Studies | Economic theory

Asymmetric information | Ambiguity aversion | C44 | Economics general | Ellsbergâ€™s Paradox | Economic Theory | Game Theory, Economics, Social and Behav. Sciences | D81 | Economics / Management Science | Studies | Economic theory

Journal Article

Journal of Economic Psychology, ISSN 0167-4870, 10/2007, Volume 28, Issue 5, pp. 545 - 565

A number of scholars have noted that Ellsbergâ€™s seminal 1961QJE critique of the subjective expected utility model bears certain resemblances to ideas expressed...

Decision-making | Uncertainty | Ellsberg paradox | Keynes | Ambiguity | CHOICE | PSYCHOLOGY, MULTIDISCIPLINARY | ambiguity | decision-making | COMPARATIVE IGNORANCE | RISK | ECONOMICS | uncertainty

Decision-making | Uncertainty | Ellsberg paradox | Keynes | Ambiguity | CHOICE | PSYCHOLOGY, MULTIDISCIPLINARY | ambiguity | decision-making | COMPARATIVE IGNORANCE | RISK | ECONOMICS | uncertainty

Journal Article

Management Science, ISSN 0025-1909, 8/2016, Volume 62, Issue 8, pp. 2179 - 2197

The classical Ellsberg experiment presents individuals with a choice problem in which the probability of winning a prize is unknown (uncertain). In this paper,...

multidimensional uncertainty | uncertainty aversion | Ellsberg paradox | Multidimensional uncertainty | Uncertainty aversion | MECHANICAL TURK | EXPECTED UTILITY | AMBIGUITY AVERSION | PARADOX | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | MANAGEMENT | RISK | Decision-making | Logistic regression | Usage | Multivariate analysis | Methods

multidimensional uncertainty | uncertainty aversion | Ellsberg paradox | Multidimensional uncertainty | Uncertainty aversion | MECHANICAL TURK | EXPECTED UTILITY | AMBIGUITY AVERSION | PARADOX | OPERATIONS RESEARCH & MANAGEMENT SCIENCE | MANAGEMENT | RISK | Decision-making | Logistic regression | Usage | Multivariate analysis | Methods

Journal Article

Economic Theory, ISSN 0938-2259, 6/2018, Volume 65, Issue 4, pp. 1079 - 1109

Expected utility theory (EUT) is widely used in economic theory. However, its subjective probability formulation, first elaborated by Savage, is linked to Ellsberg-like paradoxes and ambiguity aversion...

Economics | Ellsberg paradox | Machina paradox | Public Finance | Expected utility theory | Economic Theory/Quantitative Economics/Mathematical Methods | Microeconomics | Quantum modeling | C02 Mathematical Methods | Quantum probability | Game Theory, Economics, Social and Behav. Sciences | D81 Criteria for Decision-Making under Risk and Uncertainty | AMBIGUITY AVERSION | AXIOMS | REPRESENTATION | RISK | HUMAN THOUGHT | JUDGMENT | SUBJECTIVE-PROBABILITY | DECISION-MAKING | PREFERENCES | UNCERTAINTY | ECONOMICS | Bayesian statistical decision theory | Models | Distribution (Probability theory) | Analysis | Uncertainty | Economic theory | Decision making | Attitudes | Bayesian analysis | Paradoxes | Quantum theory | Ambiguity | Quantitative Finance - Economics

Economics | Ellsberg paradox | Machina paradox | Public Finance | Expected utility theory | Economic Theory/Quantitative Economics/Mathematical Methods | Microeconomics | Quantum modeling | C02 Mathematical Methods | Quantum probability | Game Theory, Economics, Social and Behav. Sciences | D81 Criteria for Decision-Making under Risk and Uncertainty | AMBIGUITY AVERSION | AXIOMS | REPRESENTATION | RISK | HUMAN THOUGHT | JUDGMENT | SUBJECTIVE-PROBABILITY | DECISION-MAKING | PREFERENCES | UNCERTAINTY | ECONOMICS | Bayesian statistical decision theory | Models | Distribution (Probability theory) | Analysis | Uncertainty | Economic theory | Decision making | Attitudes | Bayesian analysis | Paradoxes | Quantum theory | Ambiguity | Quantitative Finance - Economics

Journal Article

Journal of Economic Theory, ISSN 0022-0531, 2009, Volume 144, Issue 3, pp. 930 - 976

This paper axiomatizes an intertemporal version of the Smooth Ambiguity decision model developed in [P. Klibanoff, M. Marinacci, S. Mukerji, A smooth model of...

Ambiguity aversion | Uncertainty | Knightian uncertainty | Ellsberg paradox | Uncertainty aversion | Dynamic programming under ambiguity | Smooth ambiguity | Dynamic decision making | Ambiguity | SUBSTITUTION | TIME | RISK-AVERSION | EXPECTED UTILITY | CHOICE | SUBJECTIVE-PROBABILITY | BELIEFS | ECONOMICS | DYNAMIC CONSISTENCY | ASSET RETURNS | Ambiguity Uncertainty Knightian uncertainty Ambiguity aversion Uncertainty aversion Ellsberg paradox Dynamic decision making Dynamic programming under ambiguity Smooth ambiguity

Ambiguity aversion | Uncertainty | Knightian uncertainty | Ellsberg paradox | Uncertainty aversion | Dynamic programming under ambiguity | Smooth ambiguity | Dynamic decision making | Ambiguity | SUBSTITUTION | TIME | RISK-AVERSION | EXPECTED UTILITY | CHOICE | SUBJECTIVE-PROBABILITY | BELIEFS | ECONOMICS | DYNAMIC CONSISTENCY | ASSET RETURNS | Ambiguity Uncertainty Knightian uncertainty Ambiguity aversion Uncertainty aversion Ellsberg paradox Dynamic decision making Dynamic programming under ambiguity Smooth ambiguity

Journal Article

Journal of Economic Theory, ISSN 0022-0531, 2009, Volume 144, Issue 3, pp. 899 - 929

... and behavior consistent with the Ellsberg paradox.

Second-order probabilistic sophistication | Ellsberg paradox | Uncertainty aversion | Second-order risk aversion | Compound lottery | Issue preference | DEFINITION | AXIOMS | RISK | EXPECTED UTILITY | CHOICE | AMBIGUITY | ECONOMICS | PROBABILITIES | Compound lottery Second-order probabilistic sophistication Uncertainty aversion Second-order risk aversion Issue preference Ellsberg paradox | Lottery industry | Analysis | Lotteries

Second-order probabilistic sophistication | Ellsberg paradox | Uncertainty aversion | Second-order risk aversion | Compound lottery | Issue preference | DEFINITION | AXIOMS | RISK | EXPECTED UTILITY | CHOICE | AMBIGUITY | ECONOMICS | PROBABILITIES | Compound lottery Second-order probabilistic sophistication Uncertainty aversion Second-order risk aversion Issue preference Ellsberg paradox | Lottery industry | Analysis | Lotteries

Journal Article

Journal of Mathematical Psychology, ISSN 0022-2496, 06/2017, Volume 78, pp. 2 - 12

.... We show that our quantum approach can clearly explain the famous examples of anomalies for the expected utility theory, the Ellsberg paradox, the Machina paradox and the disparity between WTA and WTP...

Prospect theory | Ellsberg paradox | Machina paradox | Quantum-like approach | WTA and WTP | INEQUALITY | REPRESENTATION | EXPECTED UTILITY | PROBABILITY | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | DECISION-MAKING | DYNAMICS | SOCIAL SCIENCES, MATHEMATICAL METHODS | PSYCHOLOGY, MATHEMATICAL | AMBIGUITY | INTERFERENCE | AVERSION | PROSPECT-THEORY | Analysis | Models | Quantum theory

Prospect theory | Ellsberg paradox | Machina paradox | Quantum-like approach | WTA and WTP | INEQUALITY | REPRESENTATION | EXPECTED UTILITY | PROBABILITY | MATHEMATICS, INTERDISCIPLINARY APPLICATIONS | DECISION-MAKING | DYNAMICS | SOCIAL SCIENCES, MATHEMATICAL METHODS | PSYCHOLOGY, MATHEMATICAL | AMBIGUITY | INTERFERENCE | AVERSION | PROSPECT-THEORY | Analysis | Models | Quantum theory

Journal Article

Journal of Risk and Uncertainty, ISSN 0895-5646, 10/2010, Volume 41, Issue 2, pp. 113 - 124

.... The model is able to accommodate the Ellsberg paradox and preferences for reductions in ambiguity.

Risk aversion | Betting | Probability distributions | Axioms | Utility functions | Roulette | Lotteries | Expected utility | Paradoxes | Ambiguity | Independence axiom | Ellsberg paradox | Operations Research/Decision Theory | Environmental Economics | Microeconomics | Economic Theory | Anscombeâ€“Aumann framework | D81 | Savage axioms | Economics / Management Science | Anscombe-Aumann framework | RISK | MODEL | EXPECTED UTILITY | BUSINESS, FINANCE | SUBJECTIVE-PROBABILITY | UNCERTAINTY | ECONOMICS | WEIGHTED LINEAR UTILITY | Paradox | Analysis | Studies | Economic theory

Risk aversion | Betting | Probability distributions | Axioms | Utility functions | Roulette | Lotteries | Expected utility | Paradoxes | Ambiguity | Independence axiom | Ellsberg paradox | Operations Research/Decision Theory | Environmental Economics | Microeconomics | Economic Theory | Anscombeâ€“Aumann framework | D81 | Savage axioms | Economics / Management Science | Anscombe-Aumann framework | RISK | MODEL | EXPECTED UTILITY | BUSINESS, FINANCE | SUBJECTIVE-PROBABILITY | UNCERTAINTY | ECONOMICS | WEIGHTED LINEAR UTILITY | Paradox | Analysis | Studies | Economic theory

Journal Article

19.
Full Text
Explaining versus describing human decisions: Hilbert space structures in decision theory

Soft Computing, ISSN 1432-7643, 2019, Volume 24, Issue 14, pp. 10219 - 10229

Journal Article

Journal of Economic Theory, ISSN 0022-0531, 09/2015, Volume 159, pp. 465 - 488

.... Subjective sources relate Ellsberg-paradox behavior to source preference and to Allais-paradox behavior.

Allais paradox | Source preference | Ambiguity | CHOICE | PROBABILITY | RISK | AVERSION | ECONOMICS | ATTITUDES

Allais paradox | Source preference | Ambiguity | CHOICE | PROBABILITY | RISK | AVERSION | ECONOMICS | ATTITUDES

Journal Article