David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Theory and Decision 66 (4):301-315 (2009)
Ellsberg (The Quarterly Journal of Economics 75, 643–669 (1961); Risk, Ambiguity and Decision, Garland Publishing (2001)) argued that uncertainty is not reducible to risk. At the center of Ellsberg’s argument lies a thought experiment that has come to be known as the three-color example. It has been observed that a significant number of sophisticated decision makers violate the requirements of subjective expected utility theory when they are confronted with Ellsberg’s three-color example. More generally, such decision makers are in conflict with either the ordering assumption or the independence assumption of subjective expected utility theory. While a clear majority of the theoretical responses to these violations have advocated maintaining ordering while relaxing independence, a persistent minority has advocated abandoning the ordering assumption. The purpose of this paper is to consider a similar dilemma that exists within the context of multiattribute models, where it arises by considering indeterminacy in the weighting of attributes rather than indeterminacy in the determination of probabilities as in Ellsberg’s example.
|Keywords||multiattribute revealed preference descriptive uncertainty methodology|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library||
References found in this work BETA
Peter Gärdenfors & Nils-Eric Sahlin (1982). Unreliable Probabilities, Risk Taking, and Decision Making. Synthese 53 (3):361-386.
John Maynard Keynes (1921/2004). A Treatise on Probability. Dover Publications.
Henry E. Kyburg (1968). Bets and Beliefs. American Philosophical Quarterly 5 (1):54-63.
Isaac Levi (1974). On Indeterminate Probabilities. Journal of Philosophy 71 (13):391-418.
Isaac Levi (1980). The Enterprise of Knowledge: An Essay on Knowledge, Credal Probability, and Chance. The Mit Press.
Citations of this work BETA
Jeffrey Helzner (2013). Rationalizing Two-Tiered Choice Functions Through Conditional Choice. Synthese 190 (6):929-951.
Similar books and articles
Rolf Aaberge (2011). Empirical Rules of Thumb for Choice Under Uncertainty. Theory and Decision 71 (3):431-438.
Katie Steele (2007). Distinguishing Indeterminate Belief From “Risk-Averse” Preferences. Synthese 158 (2):189 - 205.
John Quiggin (2001). Production Under Uncertainty and Choice Under Uncertainty in the Emergence of Generalized Expected Utility Theory. Theory and Decision 51 (2/4):125-144.
Horacio Arló-Costa & Jeffrey Helzner (2010). Ambiguity Aversion: The Explanatory Power of Indeterminate Probabilities. Synthese 172 (1):37 - 55.
Jürgen Eichberger & David Kelsey (1999). E-Capacities and the Ellsberg Paradox. Theory and Decision 46 (2):107-138.
Stephen A. Clark (2000). Revealed Preference and Expected Utility. Theory and Decision 49 (2):159-174.
Reed Richter (1985). Rationality, Group Choice and Expected Utility. Synthese 63 (2):203 - 232.
Ludwig von Auer (1999). Dynamic Choice Mechanisms. Theory and Decision 46 (3):295-312.
Ulrich Schmidt (2001). Lottery Dependent Utility: A Reexamination. Theory and Decision 50 (1):35-58.
David E. Buschena & David Zilberman (1999). Testing the Effects of Similarity on Risky Choice: Implications for Violations of Expected Utility. Theory and Decision 46 (3):253-280.
Added to index2009-03-22
Total downloads88 ( #11,423 of 1,089,063 )
Recent downloads (6 months)1 ( #69,801 of 1,089,063 )
How can I increase my downloads?