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Uncertainty and Risk

Mental, Formal, Experimental Representations

  • Mohammed Abdellaoui
  • R. Duncan Luce
  • Mark J. Machina
  • Bertrand Munier

Part of the Theory and Decision Library C book series (TDLC, volume 41)

Table of contents

  1. Front Matter
    Pages I-VI
  2. Introduction

    1. Pages 1-5
  3. Foundations

    1. Front Matter
      Pages 7-7
    2. Massimiliano Amarante, Fabio Maccheroni
      Pages 27-32
    3. Emanuele Borgonovo, Lorenzo Peccati
      Pages 41-59
  4. The Importance of Representational Tools in Understanding Behaviour Under Uncertainty and Risk

    1. Front Matter
      Pages 61-61
    2. Hans Haller, Shabnam Mousavi
      Pages 85-100
    3. Eva Camacho-Cuena, Christian Seidl
      Pages 101-123
    4. Barry Sopher, Arnav Sheth
      Pages 125-150
  5. The Assessment of Several Alternative Decision Rules

    1. Front Matter
      Pages 151-151
    2. J. Neil Bearden, Ryan O. Murphy
      Pages 187-205
  6. Models of Risk Attitude Modelling and Methodological Issues

  7. Back Matter
    Pages 307-308

About this book

Introduction

We all feel that our world is fundamentally uncertain. But less unanimity emerges as to what we mean by "uncertainty" and how we ought to adjust. Businessmen tend to be "cautious" and engineers to pick up the "right" decision criteria among the many available in the literature, without having much justification about their respective behaviors. This book tries to sort out the different meanings of uncertainty and to discover their foundations. It shows that uncertainty can be represented using various tools and mental guidelines. Some decision criteria are then related to each case and assessed. Alternative ways to deal with risk - and risk attitude concepts - are then examined in the above perspective. Behavior under uncertainty emerges from this book as something to base more on inquiry and reflection than on mere intuition.

Keywords

Alternative Ambiguity Expected Utility Probability Risk Uncertainty Utility modeling

Editors and affiliations

  • Mohammed Abdellaoui
    • 1
  • R. Duncan Luce
    • 2
  • Mark J. Machina
    • 3
  • Bertrand Munier
    • 1
  1. 1.Maison de la recherche de l’ESTPGRIDCachanFrance
  2. 2.University of CaliforniaIrvineUSA
  3. 3.Department of EconomicsUniversity of CaliforniaSan Diego, La JollaUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-540-48935-1
  • Copyright Information Springer-Verlag Berlin Heidelberg 2007
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Business and Economics
  • Print ISBN 978-3-540-48934-4
  • Online ISBN 978-3-540-48935-1
  • Series Print ISSN 0924-6126
  • Buy this book on publisher's site
Industry Sectors
Finance, Business & Banking