Ellsberg 1961: text, context, influence

Ivan Moscati ()
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Ivan Moscati: University of Insubria

Decisions in Economics and Finance, 2024, vol. 47, issue 2, No 14, 627-653

Abstract: 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: Ellsberg; Decision theory; Uncertainty; Ambiguity; Ellsberg paradox (search for similar items in EconPapers)
JEL-codes: B21 B31 C90 D81 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s10203-024-00437-1

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