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Ambiguity

Jürgen Eichberger and David Kelsey

in The Handbook of Rational and Social Choice

Published in print:
2009
Published Online:
May 2009
ISBN:
9780199290420
eISBN:
9780191710506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199290420.003.0005
Subject:
Economics and Finance, Public and Welfare

Ambiguity refers to a decision situation under uncertainty where there is incomplete information about the likelihood of events. Different formal models of this notion have been developed with ... More


Rank‐Dependent Utility *

Mohammed Abdellaoui

in The Handbook of Rational and Social Choice

Published in print:
2009
Published Online:
May 2009
ISBN:
9780199290420
eISBN:
9780191710506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199290420.003.0003
Subject:
Economics and Finance, Public and Welfare

Rank‐dependent utility (RDu) is among the most popular generalizations of the standard model of expected utility. It takes into account the main violations of expected utility (Allais paradox, ... More


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