Mittelstaedt, Christian; Baumgärtner, Stefan - 2023
states of nature and their payoffs, but not the probability of these states (Knightian uncertainty). Focusing on the extreme … version of Knightian uncertainty, we do not employ probabilities, beliefs or anything alike. Instead, the functions build on … properties of a preference function (symmetry, non-satiation, uncertainty aversion, invariance under various state …