Basili, Marcello - In: Economic Notes 30 (2001) 1, pp. 1-26
type="main" xml:lang="en" <p>If information is too vague and imprecise to be summarized by a unique additive probability measure, an agent faces Knightian uncertainty or ambiguity rather than risk. Under Knightian uncertainty, an agent's beliefs may be represented by a capacity or a set of additive...</p>