Decision Sciences
4 years ago

New model separates utility and beliefs, revolutionizing decision-making under uncertainty.

SSRN Electronic Journal
Risk, Ambiguity, and the Separation of Utility and Beliefs
Paolo Ghirardato, Mássimo Marinacci

Paper Summary

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The article introduces a new model for making decisions when we're not sure about the outcome. This model separates our personal preferences from our beliefs about what might happen. It suggests that our tastes stay the same, but our beliefs can change as we learn new things. This model is simple and can explain many other models in the same area.