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One apparent reason for deferring a decision – abstaining from choosing, leaving the decision open to be taken by someone else, one’s later self, or nature – is for lack of sufficient confidence in the relevant beliefs. This paper develops an axiomatic theory of decision in situations...
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This handbook chapter covers the existing theoretical literature on social preference and social welfare under risk (i … these fields to the risk case. Section 2 reviews the work, both ancient and recent, stemming from Harsanyi's Impartial … from risk to uncertainty, a major conundrum that can also be expressed as a clash between ex ante and ex post welfare …
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