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A theory of stochastic choice under uncertainty
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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 ISSN 0304-4068.
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Official URL: http://dx.doi.org/10.1016/j.jmateco.2016.02.001
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 | ||||||||
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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 |
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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: |
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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 | ||||||||
Date of first compliant deposit: | 15 February 2016 | ||||||||
Date of first compliant Open Access: | 26 September 2017 | ||||||||
Adapted As: |
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