On Risk and Uncertainty, and Objective Versus Subjective Probability

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 by subjective probabilities on the other part. Decision‐makers are shown to maximise a generalised form of rank‐dependent expected utility. Their occasionally anomalous behaviour is discussed

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Year of publication:	2018
Authors:	Sharpe, Keiran
Publisher:	[S.l.] : SSRN
Subject:	Entscheidung unter Unsicherheit \| Decision under uncertainty \| Risiko \| Risk \| Theorie \| Theory \| Wahrscheinlichkeitsrechnung \| Probability theory

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Extent:	1 Online-Ressource (24 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Economic Record, Vol. 94, pp. 49-72, 2018 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 2018 erstellt
Source:	ECONIS - Online Catalogue of the ZBW

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