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(2016) Readings in formal epistemology, Dordrecht, Springer.

Ambiguity and the bayesian paradigm

Itzhak Gilboa, Massimo Marinacci

pp. 385-439

This is a survey of some of the recent decision-theoretic literature involving beliefs that cannot be quantified by a Bayesian prior. We discuss historical, philosophical, and axiomatic foundations of the Bayesian model, as well as of several alternative models recently proposed. The definition and comparison of ambiguity aversion and the updating of non-Bayesian beliefs are briefly discussed. Finally, several applications are mentioned to illustrate the way that ambiguity (or "Knightian uncertainty") can change the way we think about economic problems.

Publication details

DOI: 10.1007/978-3-319-20451-2_21

Full citation:

Gilboa, I. , Marinacci, M. (2016)., Ambiguity and the bayesian paradigm, in H. Arló-Costa, V. F. Hendricks & J. Van Benthem (eds.), Readings in formal epistemology, Dordrecht, Springer, pp. 385-439.

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