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The Paradoxes of Allais and Ellsberg

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  • Levi, Isaac

Abstract

In The Enterprise of Knowledge (Levi, 1980a), I proposed a general theory of rational choice which I intended as a characterization of a prescriptive theory of ideal rationality. A cardinal tenet of this theory is that assessments of expected value or expected utility in the Bayesian sense may not be representable by a numerical indicator or indeed induce an ordering of feasible options in a context of deliberation. My reasons for taking this position are related to my commitment to the inquiry-oriented approach to human knowledge and valuation favored by the American pragmatists, Charles Peirce and John Dewey. A feature of any acceptable view of inquiry ought to be that during an inquiry points under dispute ought to be kept in suspense pending resolution through inquiry.

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  • Levi, Isaac, 1986. "The Paradoxes of Allais and Ellsberg," Economics and Philosophy, Cambridge University Press, vol. 2(1), pages 23-53, April.
    • Handle: RePEc:cup:ecnphi:v:2:y:1986:i:01:p:23-53_00
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    Cited by:

    1. Taleb, Nassim Nicholas, 2009. "Errors, robustness, and the fourth quadrant," International Journal of Forecasting, Elsevier, vol. 25(4), pages 744-759, October.
    2. Jeffrey Helzner, 2009. "On the Application of Multiattribute Utility Theory to Models of Choice," Theory and Decision, Springer, vol. 66(4), pages 301-315, April.

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