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Scientific article 1992

An Introduction to Decision Making When Uncertainty Is Not Just Risk

Authors:

  • Ebbe Hendon
  • Hans Jørgen Jacobsen
  • Birgitte Sloth
  • Torben Tranæs
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An uncertain and not just risky situation may be modeled using so-called belief functions assigning lower probabilities to events, that is, to sets of possible outcomes. In this paper we give an introduction to this concept and a first contribution to modeling decision making when there is uncertainty. We extend the von Neumann- Morgenstern expected utility theory to belief functions.

Authors

  • Ebbe HendonHans Jørgen JacobsenBirgitte SlothTorben Tranæs

About this publication

  • Published in

    Nationaløkonomisk tidsskrift
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