In 1961 Daniel Ellsberg published an article titled 'Risk, Ambiguity, and the Savage Axioms' in the Quarterly Journal of Economics, which became a seminal contribution to the theory of decision-making under uncertainty. This paper analyzes Ellsberg’s 1961 classic, situates it within the context of decision-making theory in the 1950s and early 1960s and within the development of Ellsberg’s ideas, and provides an overview of the experimental and theoretical literature to which it gave rise.
Ellsberg 1961: Text, Context, Influence
ivan moscati
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Abstract
In 1961 Daniel Ellsberg published an article titled 'Risk, Ambiguity, and the Savage Axioms' in the Quarterly Journal of Economics, which became a seminal contribution to the theory of decision-making under uncertainty. This paper analyzes Ellsberg’s 1961 classic, situates it within the context of decision-making theory in the 1950s and early 1960s and within the development of Ellsberg’s ideas, and provides an overview of the experimental and theoretical literature to which it gave rise.
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