than risk and are unlikely to have estimates of all probabilities for all potential outcomes, it becomes difficult to … for entrepreneurial decision-making. We examine a range of decision theories, ranking them in an order starting from EUT … main components and underlying concepts as they apply to entrepreneurial decision making. …

This paper compares Bayesian decision theory with robust decision theory where the decision maker optimizes with … respect to the worst state realization. For a class of robust decision problems there exists a sequence of Bayesian decision … risk aversion and that decisions are insensitive (robust) to the precise assignment of prior probabilities. This holds …