All events and processes of economic activity of enterprises are in interrelation, interdependence and mutual conditioning. One group of them is directly dependent on each other, and the other group – indirectly. Each event can be considered as a cause or consequence. If in the process of...

All events and processes of economic activity of enterprises are in interrelation, interdependence and mutual conditioning. One group of them is directly dependent on each other, and the other group – indirectly. Each event can be considered as a cause or consequence. If in the process of...

Ellsberg's paradox shows that people prefer gambles with known probabilities to those where they are uncertain. Standard explanations rule out risk aversion by appealing to Savage's (1954) subjective expected utility theory but this axiomatic approach leaves open other interpretations of the...