Expected utility with lower probabilities

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An uncertain and not just risky situation may be modeled using so-called belief functions assigning lower probabilities to subsets of outcomes. In this article we extend the von Neumann-Morgenstern expected utility theory from probability measures to belief functions. We use this theory to characterize uncertainty neutrality and different degrees of uncertainty aversion
Original languageEnglish
JournalJournal of Risk and Uncertainty
Volume8
Issue number2
Pages (from-to)197-216
ISSN0895-5646
DOIs
Publication statusPublished - 1994

ID: 157248