Risk, Ambiguity and Decision

Risk, Ambiguity and Decision

by Daniel Ellsberg
     
 

ISBN-10: 0815340222

ISBN-13: 9780815340225

Pub. Date: 01/28/2001

Publisher: Taylor & Francis

Ellsberg elaborates on "Risk, Ambiguity, and the Savage Axioms" and mounts a powerful challenge to the dominant theory of rational decision in this book.  See more details below

Overview

Ellsberg elaborates on "Risk, Ambiguity, and the Savage Axioms" and mounts a powerful challenge to the dominant theory of rational decision in this book.

Product Details

ISBN-13:
9780815340225
Publisher:
Taylor & Francis
Publication date:
01/28/2001
Series:
Studies in Philosophy
Pages:
336
Product dimensions:
6.10(w) x 9.10(h) x 1.00(d)

Table of Contents

Acknowledgments; Note to Reader; Foreword, Isaac Levi ; 1. Ambiguity and Risk; Vagueness, Confidence, and the Weight of Arguments; The Nature and Uses of Normative Theory; The Validation of Normative Propositions; The Utility Axioms as Norms; Normative Theory and Empirical Research; 2. The Bernoulli Proposition; A Possible Counterexample: Are there Uncertainties that are Not Risks?; Vulgar Evaluations of Risk; 3. The Measurement of Definite Opinions; von Neumann-Morgenstern Utilities; Probability as Price; "Coherence" and "Definiteness" of Probability-Prices; Appendix to Chapter Three; On Making a Fool of Oneself: The Requirement of Coherence; Acceptable Odds: Definite, Coherent, and Otherwise; 4. Opinions and Actions: Which Come First?; The Logic of Degrees of Belief; Opinions that Make Horse Races; Postulate 2: the "Sure-Thing Principle"; Intuitive Probabilities and "Vagueness"; Appendix to Chapter Four; The Savage Postulates; The Koopman Axioms; 5. Uncertainties that are Not Risks; The "Three-Color Urn" Example; Vulgar Evaluations of Ambiguity; Appendix to Chapter Five; 6. Why Are Some Uncertainties Not Risks?; Decision Criteria for "Complete Ignorance"; Decision Criteria for "Partial Ignorance"; 7. The "Restricted Hurwicz Criterion"; The "Restricted Bayes/Hurwicz Criterion"; Boldness and Prudence: the "n-Color Urn" Example; Ignorance, Probability, and Varieties of Gamblers; 8. Ambiguity and the Utility Axioms; The Pratt/Raiffa Criticisms and the Value of Randomization; Rubin's Axiom; Allais and the Sure-Thing Principle; Winning at Russian Roulette; Bibliography

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