Karni, Edi and Safra, Zvi (2016) A theory of stochastic choice under uncertainty. Journal of Mathematical Economics, 63 . pp. 164-173. doi:10.1016/j.jmateco.2016.02.001

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Abstract

In this paper we propose a characterization of stochastic choice
under risk and under uncertainty. We presume that decision makers'
actual choices are governed by randomly selected states of mind, and
study the representation of decision makers' perceptions of the stochastic process underlying the selection of their state of mind. The
connections of this work to the literatures on random choice, choice
behavior when preference are incomplete; choice of menus; and grades of indecisiveness are also discussed.

Item Type:	Journal Article
Alternative Title:
Subjects:	H Social Sciences > HB Economic Theory
Divisions:	Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH):	Economics , Decision making, Uncertainty, Risk
Journal or Publication Title:	Journal of Mathematical Economics
Publisher:	Elsevier
ISSN:	0304-4068
Official Date:	March 2016
Dates:	Date Event March 2016 Published 4 February 2016 Accepted 21 January 2016 Submitted
Volume:	63
Page Range:	pp. 164-173
DOI:	10.1016/j.jmateco.2016.02.001
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
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