Izhakian, Yehuda; Izhakian, Zur - In: Economic Theory 58 (2015) 1, pp. 59-98
This paper introduces a new model of decision making under uncertainty. Aiming to provide a more realistic depiction of … decision making, it generalizes the von Neumann–Morgenstern theory by including additional tiers of uncertainty. In this model … formulated in the phantom space using phantom numbers. The degree of uncertainty, determined by the decision maker’s beliefs, is …