caa a22 4500 605475598 CHVBK 20210128100352.0 cr unu---uuuuu 210128e20150101xx s 000 0 eng 10.1007/s00199-013-0798-3 doi (NATIONALLICENCE)springer-10.1007/s00199-013-0798-3 Decision making in phantom spaces [Elektronische Daten] [Yehuda Izhakian, Zur Izhakian] This paper introduces a new model of decision making under uncertainty. Aiming to provide a more realistic depiction of decision making, it generalizes the von Neumann-Morgenstern theory by including additional tiers of uncertainty. In this model, beliefs about the probabilities of events are ambiguous and their consequential utilities are vague; both are naturally formulated in the phantom space using phantom numbers. The degree of uncertainty, determined by the decision maker's beliefs, is distinguished from the attitude toward uncertainty, which is drawn from her preferences. Decision making under ambiguity is a particular case of our model in which probabilities are ambiguous, but resulting utilities of events are knowable. Springer-Verlag Berlin Heidelberg, 2014 Phantom probability nationallicence Decision making under uncertainty nationallicence Expected utility nationallicence Imprecise risk nationallicence Ambiguity nationallicence Uncertainty nationallicence Ellsberg paradox nationallicence Izhakian Yehuda Department of Economics and Finance, Zicklin School of Business, Baruch College, 55 Lexington Ave, 10010, New York, NY, USA aut Izhakian Zur Department of Mathematics, University of Bremen, Office MZH 6060, 28359, Bremen, Germany aut Economic Theory Springer Berlin Heidelberg 58/1(2015-01-01), 59-98 0938-2259 58:1<59 2015 58 199 https://doi.org/10.1007/s00199-013-0798-3 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s00199-013-0798-3 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Izhakian Yehuda Department of Economics and Finance, Zicklin School of Business, Baruch College, 55 Lexington Ave, 10010, New York, NY, USA aut NATIONALLICENCE 700 1- Izhakian Zur Department of Mathematics, University of Bremen, Office MZH 6060, 28359, Bremen, Germany aut NATIONALLICENCE 773 0- Economic Theory Springer Berlin Heidelberg 58/1(2015-01-01), 59-98 0938-2259 58:1<59 2015 58 199