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, subjects can reduce or even eliminate the ambiguity and turn the decision situation into one of risk. Under the assumption that …This paper focuses on information acquisition and individual decision making in ambiguous situations and presents a … choice between risky and ambiguous Ellsberg urns, we let them choose between a safe option and a risky lottery, whose risk is …
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, subjects can reduce or even eliminate the ambiguity and turn the decision situation into one of risk. Under the assumption that …This paper focuses on information acquisition and individual decision making in ambiguous situations and presents a … choice between risky and ambiguous Ellsberg urns, we let them choose between a safe option and a risky lottery, whose risk is …
Persistent link: https://www.econbiz.de/10013073252
can generate systematic biases in revealed preference measures such as spurious risk aversion. These effects are very …
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If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely unquantifiable, where do we end up? In this article the author argues that we arrive at a statistical, normative, and cognitive theory of ecological rationality. The main casualty of...
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