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We review recent advances in the field of decision making under uncertainty or ambiguity. …
Persistent link: https://www.econbiz.de/10010738626
We develop an axiomatic approach to decision under uncertainty that explicitly takes into account the information … available to the decision maker. The information is described by a set of priors and a reference prior. We define a notion of … imprecision for this informational setting and show that a decision maker who is averse to information imprecision maximizes the …
Persistent link: https://www.econbiz.de/10010750380