-by-state utility deviations from the mean, and rho(d) is a measure of (aversion to) dispersion that corresponds to an uncertainty … premium. The key feature of these mean-dispersion preferences is that they exhibit constant absolute uncertainty aversion … dispersion function rho(dot) correspond to known models, to probabilistic sophistication, and to some new notions of uncertainty …

under this kind of uncertainty, with preferences that satisfy the expected utility hypothesis. Various social welfare … ignore the uncertainty concerning the possible disappearance of the human species in the future. We conclude with some …

Stimulated by Frank Knight's work, "Risk, Uncertainty and Profit," I present a theory of innovation based on what I … term Knightian decision theory. This theory includes a concept of uncertainty aversion, a behavioral property that makes … individual investors with unusually low levels of uncertainty aversion. Also, it should be difficult to innovate new markets for …

Although the theory of decision making under uncertainty has been extensively studied for a half century, applications …

conditions concerning the structure of uncertainty and preferences, society has an indefinitely large expected loss from high …-making under uncertainty. However, the conditions necessary for the Dismal Theorem to hold are limited and do not apply to a wide …

A theory of choice under uncertainty is proposed which removes the completeness assumption from the Anscombe … rigorous expression to Frank Knight's distinction between risk and uncertainty. …