IDEAS home Printed from https://ideas.repec.org/a/kap/jrisku/v4y1991i3p285-97.html
   My bibliography  Save this article

Ambiguity, Probability, Preference, and Decision Analysis

Author

Listed:
  • Winkler, Robert L

Abstract

The possible influence of ambiguity on decisions about probabilities has received considerable attention, with most modeling efforts focusing on the probabilities. In this article, it is argued that effects of ambiguity on decision making often operate via the decision maker's preferences rather than probabilities. Therefore, a natural way to model ambiguity is in terms of preferences, via the consequence space and utilities. Some difficulties in developing ambiguity-related models to encompass the full range of realistic decision-making problems and in implementing such models are discussed briefly. Finally, the question of whether ambiguity should matter prescriptively is addressed. Copyright 1991 by Kluwer Academic Publishers

Suggested Citation

  • Winkler, Robert L, 1991. "Ambiguity, Probability, Preference, and Decision Analysis," Journal of Risk and Uncertainty, Springer, vol. 4(3), pages 285-297, July.
    • Handle: RePEc:kap:jrisku:v:4:y:1991:i:3:p:285-97
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Foster, Gigi & Frijters, Paul & Schaffner, Markus & Torgler, Benno, 2018. "Expectation formation in an evolving game of uncertainty: New experimental evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 154(C), pages 379-405.
    2. Mohammed Abdellaoui & Aurelien Baillon & Laetitia Placido & Peter P. Wakker, 2011. "The Rich Domain of Uncertainty: Source Functions and Their Experimental Implementation," American Economic Review, American Economic Association, vol. 101(2), pages 695-723, April.
    3. Junyi Chai & Zhiquan Weng & Wenbin Liu, 2021. "Behavioral Decision Making in Normative and Descriptive Views: A Critical Review of Literature," JRFM, MDPI, vol. 14(10), pages 1-14, October.
    4. Paul K. J. Han & William M. P. Klein & Thomas C. Lehman & Holly Massett & Simon C. Lee & Andrew N. Freedman, 2009. "Laypersons' Responses to the Communication of Uncertainty Regarding Cancer Risk Estimates," Medical Decision Making, , vol. 29(3), pages 391-403, May.
    5. Langewisch, Andrew & Choobineh, Fred, 1996. "Stochastic dominance tests for ranking alternatives under ambiguity," European Journal of Operational Research, Elsevier, vol. 95(1), pages 139-154, November.
    6. Hagen Lindstädt, 2004. "Entscheidungskalküle jenseits des subjektiven Erwartungsnutzens," Schmalenbach Journal of Business Research, Springer, vol. 56(6), pages 495-519, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jrisku:v:4:y:1991:i:3:p:285-97. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.