How Is Non-knowledge Represented in Economic Theory?

E. Svetlova () and H. Van Elst ()

Voprosy Ekonomiki, 2013, issue 8

Abstract: In this article, we address the question of how non-knowledge about future events that influence economic agents’ decisions in choice settings has been formally represented in economic theory up to date. To position our discussion within the ongoing debate on uncertainty, we provide a?brief review of historical developments in economic theory and decision theory. Uncertainty is thereby understood as either based on decision-making in the context of a?state space representing the exogenous world, as in Savage’s axiomatisation and some successor concepts (ambiguity as situations with unknown probabilities), or, based on decision-making over a?set of menus of potential future opportunities, providingthe possibility of derivation of agents’ subjective state spaces (unawareness as situation with imperfect subjective knowledge of all future events possible).

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2013:id:565

DOI: 10.32609/0042-8736-2013-8-82-105

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