search query: @author Dobbs, I. M. / total: 6
reference: 3 / 6
| Author: | Dobbs, I. M. |
| Title: | A Bayesian approach to decision-making under ambiguity |
| Journal: | Economica
1991 : NOV, VOL. 58:232, p.417-440 |
| Index terms: | DECISION MAKING BAYESIAN STATISTICS STATISTICAL METHODS UNCERTAINTY RANDOM NUMBERS PROBABILITY BIAS |
| Language: | eng |
| Abstract: | From a Bayesian perspective, the distinction between risk and ambiguity is fairly naturally modelled by treating the probabilities associated with given states as themselves random variables. A Bayesian description of ambiguity is presented in which outcomes constitute information which modifies the retrospective evaluation of a course of actions. The model provides an explanation of various violations of the expected utility model. In contrast to recent theories concerning decision-making under ambiguity probabilities are not required to be biased or to be sub- or super-additive. Some experimental tests of ambiguity coherence are also described. |
SCIMA