Abraham Wald's Complete Class Theorem and Knightian Uncertainty

I study the implications of Abraham Wald's (1947) complete class theorem for decision making under Knightian uncertainty (or ambiguity). Suppose we call someone who uses Wald's approach to statistical decision making a Waldian. A Waldian may then have preferences over acts that are not in agreement with subjective expected utility but always chooses as if she was a subjective expected utility maximizer. In particular, even Wald's (1945) minmax decision rule is consistent with subjective expected utility

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Year of publication:	2017
Authors:	Kuzmics, Christoph
Publisher:	[2017]: [S.l.] : SSRN
Subject:	Theorie \| Theory \| Entscheidung unter Unsicherheit \| Decision under uncertainty \| Risiko \| Risk

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