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On Expected Utility Under Ambiguity

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Symbolic and Quantitative Approaches to Reasoning with Uncertainty (ECSQARU 2019)

Part of the book series: Lecture Notes in Computer Science ((LNAI,volume 11726))

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Abstract

The paper introduces a new approach to constructing models exhibiting the ambiguity aversion. The level of ambiguity aversion is described by a subjective parameter from the unit interval with the semantics: the higher the aversion, the higher the coefficient. On three examples, we illustrate the approach is consistent with the experimental results observed by Ellsberg and other authors.

This work is supported by funds from grant GAČR 19-06569S.

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Author information

Authors and Affiliations

  1. Faculty of Management, University of Economics, Prague, Czech Republic

    Radim Jiroušek & Václav Kratochvíl

  2. Institute of Information Theory and Automation, CAS, Prague, Czech Republic

    Radim Jiroušek & Václav Kratochvíl

Authors
  1. Radim Jiroušek
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  2. Václav Kratochvíl
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Corresponding author

Correspondence to Radim Jiroušek .

Editor information

Editors and Affiliations

  1. Technische Universität Dortmund, Dortmund, Germany

    Gabriele Kern-Isberner

  2. Mathematical Institute of the Serbian Academy of Sciences and Arts, Belgrade, Serbia

    Zoran Ognjanović

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Jiroušek, R., Kratochvíl, V. (2019). On Expected Utility Under Ambiguity. In: Kern-Isberner, G., Ognjanović, Z. (eds) Symbolic and Quantitative Approaches to Reasoning with Uncertainty. ECSQARU 2019. Lecture Notes in Computer Science(), vol 11726. Springer, Cham. https://doi.org/10.1007/978-3-030-29765-7_12

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  • DOI: https://doi.org/10.1007/978-3-030-29765-7_12

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-030-29764-0

  • Online ISBN: 978-3-030-29765-7

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