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Awareness of unawareness : a theory of decision making in the face of ignorance
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Karni, Edi and Viero, Marie-Louise (2017) Awareness of unawareness : a theory of decision making in the face of ignorance. Journal of Economic Theory, 168 . pp. 301-328. doi:10.1016/j.jet.2016.12.011 ISSN 0022-0531.
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Official URL: https://doi.org/10.1016/j.jet.2016.12.011
Abstract
In the wake of growing awareness, decision makers anticipate that they might acquire knowledge that, in their current state of ignorance, is unimaginable. Supposedly, this anticipation manifests itself in the decision makers’ choice behavior. In this paper we model the anticipation of growing awareness, lay choice-based axiomatic foundations to a subjective expected utility representation of beliefs about the likelihood of discovering unknown consequences, and assign utility to consequences that are not only unimaginable but may also be nonexistent. In so doing, we maintain the flavor of reverse Bayesianism of Karni and Vierø (2013, 2015).
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HB Economic Theory Q Science > QA Mathematics |
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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): | Decision making -- Mathematical models, Bayesian statistical decision theory | ||||||||
Journal or Publication Title: | Journal of Economic Theory | ||||||||
Publisher: | Academic Press | ||||||||
ISSN: | 0022-0531 | ||||||||
Official Date: | March 2017 | ||||||||
Dates: |
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Volume: | 168 | ||||||||
Page Range: | pp. 301-328 | ||||||||
DOI: | 10.1016/j.jet.2016.12.011 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 12 September 2017 | ||||||||
Date of first compliant Open Access: | 3 July 2018 | ||||||||
Funder: | Social Sciences and Humanities Research Council of Canada (SSHRC) | ||||||||
Grant number: | Grant number 435-2014-0642 |
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