A two volume reference collecting 46 seminal and contemporary
articles that signal the past two decades' theoretical advances in
the understanding of the process of economic decision making under
risk and uncertainty. The first volume deals with situations of risk
when probability distributions can be used to describe the lack of
certainty involved in the decision process, and the second deals with
situations of uncertainty when probability distributions are not
associated with uncertain outcomes. The contributing economists
write with a flair and creativity reserved for the upper echelon of
the field, offering interesting insights into rarer topics such as
the economics of optimism and pessimism, and the updating of
ambiguous beliefs, along with more traditional, technical economic
expositions. Includes equations.
Annotation c. by Book News, Inc., Portland, Or.