Shackle was one of the representative critics of probability calculus. His alternative decision theory was … interpretation of Shacklean theory by focusing on the common stage structure of the decision-making. This paper shows that the … characteristics of Shackle-Katzner framework can be explained as: (1) the non-distributive and non-additive ordinal measure of …

In the history of economic thought, Shackle was one of the representative critics about probability based economic … theory. Specifically, he constructed his own concept of subjective uncertainty called potential surprise to replace … probability. In 1980s, the potential surprise is axiomatized by Katzner as Kolmogorov-styled measure defined on the &#x1d70e …

Shackle was one of the representative critics of probability calculus. His alternative decision theory was … interpretation of Shacklean theory by focusing on the common stage structure of the decision-making. This paper shows that the … characteristics of Shackle-Katzner framework can be explained as: (1) the non-distributive and non-additive ordinal measure of …

This paper uses laboratory experiments to study subjects’ assessment of uncertainty resulting from strategic and non … and examine if they satisfy the law of probability including monotonicity and additivity. Violations from the law are … observed for both uncertainty sources, but are more substantial for strategic uncertainty. In particular, we observe a …

This paper demonstrates that well-established biases in decision making under uncertainty can generate poverty traps. A … theoretical framework is developed to demonstrate that: i) probability weighting and ambiguity attitude can lead individuals to …

Shackle's theory are not limited to a number of methodological statements. In fact, it is also the formal measures used in the …This paper discusses the evolution of decision theory after Savage's Foundations. Two developments are examined. First …, it is presented the rationale of Shackle's proposal to abandon probabilistic decision making. Second, it is discussed the …

. -- age ; cumulative prospect theory ; risk aversion ; probability weights ; reference point … incentives. We estimate the parameterized models in the framework of cumulative prospect theory and examine the risk aversion …, probability weightings and reference point adoption of elderly and young groups. The results of our experiment indicate that the …

uncertainty are closely related. However, this association is much stronger when the second layer of uncertainty is subjective … probabilities, and (3) are ambiguity non-neutral. By decomposing ambiguity into risk and model uncertainty, and jointly eliciting … the attitudes individuals manifest towards these two types of uncertainty, we characterize individuals' degree of …

expected utility theory. First, Ellsberg performed no actual experiments, and in fact recent empirical evidence on the Ellsberg … expected utility theory …