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Ambiguity and non-expected utility
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Karni, Edi, Maccheroni, Fabio and Marinacci, Massimo (2015) Ambiguity and non-expected utility. In: Peyton Young, H. and Zamir, Shmuel, (eds.) Handbook of Game Theory. Handbooks in economics, 4 . Elsevier, pp. 2-42. ISBN 9780444537669
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Official URL: https://doi.org/10.1016/B978-0-444-53766-9.00017-3
Abstract
This chapter reviews developments in the theory of decision making under risk and uncertainty, focusing on models that, over the last forty years, dominated the theoretical discussions. It also surveys some implications of the departures from the "linearity in the probabilities" aspect of expected utility theory to game theory. The chapter consists of two main parts: The first part reviews models of decision making under risk that depart from the independence axiom, focusing on the rank-dependent utility models and cumulative prospect theory. The second part reviews theories of decision making under uncertainty that depart from the sure thing principle and model the phenomenon of ambiguity and ambiguity aversion.
Item Type: | Book Item | ||||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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Series Name: | Handbooks in economics | ||||||
Publisher: | Elsevier | ||||||
ISBN: | 9780444537669 | ||||||
Book Title: | Handbook of Game Theory | ||||||
Editor: | Peyton Young, H. and Zamir, Shmuel | ||||||
Official Date: | 2015 | ||||||
Dates: |
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Volume: | 4 | ||||||
Page Range: | pp. 2-42 | ||||||
DOI: | 10.1016/B978-0-444-53766-9.00017-3 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
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