We develop a model of undescribable events. Examples of events that are well understood by economic agents but are prohibitively difficult to describe in advance abound in real-life. This notion has also pervaded a substantial amount of economic literature. We put forth a model of such events...

We develop a model of undescribable events. Examples of events that are well understood by economic agents but are prohibitively difficult to describe in advance abound in real-life. This notion has also pervaded a substantial amount of economic literature. We put forth a model of such events...

We develop a model of undescribable events. Examples of events that are well understood by economic agents but are prohibitively difficult to describe in advance abound in real-life. This notion has also pervaded a substantial amount of economic literature. We put forth a model of such events...

We study individuals' behavior in an environment that is deterministic, but too complex to permit tractable deterministic representation. Under mild conditions, behavior is represented by a unique probabilistic model in which the agent's inability to think through all contingencies of the...

We study individuals' behavior in an environment that is deterministic, but too complex to permit tractable deterministic representation. Under mild conditions, behavior is represented by a unique probabilistic model in which the agent's inability to think through all contingencies of the...