Ellsberg 1961: text, context, influence

Ivan Moscati

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: In 1961 Daniel Ellsberg published an article titled “Risk, Ambiguity, and the Savage Axioms” in the Quarterly Journal of Economics, which became a seminal contribution to the theory of decision-making under uncertainty. This paper analyzes Ellsberg’s 1961 classic, situates it within the context of decision-making theory in the 1950s and early 1960s and within the development of Ellsberg’s ideas, and provides an overview of the experimental and theoretical literature to which it gave rise.

Keywords: ambiguity; decision theory; Ellsberg; Ellsberg paradox; uncertainty (search for similar items in EconPapers)
JEL-codes: B21 B31 C90 D81 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2024-12-31
New Economics Papers: this item is included in nep-his, nep-hpe and nep-upt
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Published in Decisions in Economics and Finance, 31, December, 2024, 47(2), pp. 627 - 653. ISSN: 1593-8883

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