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Handbook of the Economics of Risk and Uncertainty
book

Handbook of the Economics of Risk and Uncertainty

by Mark Machina, W. Kip Viscusi
November 2013
Beginner content levelBeginner
896 pages
35h 10m
English
North Holland
Content preview from Handbook of the Economics of Risk and Uncertainty
Mark J. Machina and Marciano Siniscalchi
732
important models of ambiguity and ambiguity aversion. Sections 13.6 and 13.7 present
some recent developments in the field, and Section 13.8 concludes.
13.2 EARLY NOTIONS OF SUBJECTIVE UNCERTAINTY AND AMBIGUITY
13.2.1 Knight’s Distinction
It is often asserted that the distinction between situations of probabilistic and nonproba-
bilistic beliefs was first made by Frank Knight (1921), in his use of the terms “risk”
versus “uncertainty.” However, as LeRoy and Singell (1987) have convincingly demon-
strated, Knight’s distinction between “risk” and “uncertainty” did not refer to the exis-
tence/absence of ...
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Publisher Resources

ISBN: 9780444536853