An additive model of decision making under risk and ambiguity
We extend the mean–variance (risk–value) tradeoff model to decision making under both risk and ambiguity. This model explicitly captures the tradeoff between the magnitude of risk and the magnitude of ambiguity. A measure that ranks lotteries in terms of the magnitude of ambiguity can also be obtain...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier B.V.
2019
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| Subjects: | |
| Online Access: | View Fulltext in Publisher |