Hazen, Gordon B; Lee, Jia-Sheng - In: Journal of Risk and Uncertainty 4 (1991) 2, pp. 177-212
The widely observed preference for lotteries involving precise rather than vague or ambiguous probabilities is called ambiguity aversion. Ambiguity aversion cannot be predicted or explained by conventional expected utility models. For the subjectivity weighted linear utility (SWLU) model, we...