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Recent developments in modeling preferences: Uncertainty and ambiguity

Camerer, Colin and Weber, Martin (1992) Recent developments in modeling preferences: Uncertainty and ambiguity. Journal of Risk and Uncertainty, 5 (4). pp. 325-370. ISSN 0895-5646. http://resolver.caltech.edu/CaltechAUTHORS:20110211-133629413

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Abstract

In subjective expected utility (SEU), the decision weights people attach to events are their beliefs about the likelihood of events. Much empirical evidence, inspired by Ellsberg (1961) and others, shows that people prefer to bet on events they know more about, even when their beliefs are held constant. (They are averse to ambiguity, or uncertainty about probability.) We review evidence, recent theoretical explanations, and applications of research on ambiguity and SEU.


Item Type:Article
Related URLs:
URLURL TypeDescription
http://dx.doi.org/10.1007/BF00122575 DOIUNSPECIFIED
http://www.springerlink.com/content/gh7822u5305v1010/PublisherUNSPECIFIED
Additional Information:© 1992 Kluwer Academic Publishers. Thanks to Jonathan Baron, James Dow, Peter Fishburn, Itzhak Gilboa, Gordon Hazen, Howard Kunreuther, Tomas Phillipson, David Schmeidler, Amos Tversky, the editor, and several anonymous referees for corrections and helpful comments. Camerer's contribution to this work was supported by the National Science Foundation, grant no. SES 88-09299. Weber's contribution was supported by the Deutsche Forschungsge-meinschaft, grant no. WE 993/5-1.
Funders:
Funding AgencyGrant Number
NSFSES 88-09299
Deutsche Forschungsge-meinschaftWE 993/5-1
Subject Keywords:ambiguity; uncertainty; Ellsberg paradox; nonexpected utility
Record Number:CaltechAUTHORS:20110211-133629413
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20110211-133629413
Official Citation:Camerer, C. and M. Weber (1992). "Recent developments in modeling preferences: Uncertainty and ambiguity." Journal of Risk and Uncertainty 5(4): 325-370.
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:22144
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:14 Feb 2011 19:16
Last Modified:14 Feb 2011 19:16

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