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The aim of this paper is to develop some measure-theoretic methods for the study of large economic systems with individual-specific randomness and multiple optimal actions. In particular, for a suitably formulated continuum of correspondences, an exact version of the law of large numbers in...
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In this paper, we use the algebra to characterise decision‐makers’ representations of risk and uncertainty. We show … that risk can be represented by objective probabilities on one part of the algebra, and that uncertainty can be represented …
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second is decision trees, suited for projects or businesses that have to deal with sequential risk, where you have to make it …
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