used for modelling purposes. We propose an augmented entropy approach, which combines the Transtools model’s inter …

represented by an entropy function (sensu Lieb and Yngvason 1999) of these lotteries. Based on nine axioms on the preference …) exists an additive and extensive real-valued function (\entropy function") that represents uncertainty preferences. It … based on Rényi's (1961) generalized entropy. We show that the parameter captures the degree of uncertainty aversion. We …