Decision-Theoretic Approaches to Non-Knowledge in Economics. Svetlova, E. & Elst, H. v. In Routledge International Handbook of Ignorance Studies. Routledge, 2 edition, 2022. Num Pages: 13abstract bibtex This chapter provides an overview of conceptual approaches to incorporating a decision maker’s non-knowledge into economic theory. It focuses on the particular kind of non-knowledge which consider to be one of the most important for economic discussions: non-knowledge of possible consequence-relevant uncertain events which a decision maker would have to take into account when selecting between different strategies. In economic theory, non-knowledge of the likelihood of uncertain events at the initial decision stage of a static one-person, one-shot decision problem is the crucial feature. A different way to account for the limitations of a decision maker’s knowledge of future contingencies was the development of non-probabilistic concepts, for example, fuzzy logic and possibility theory. It is important to properly understand what it means to know states, actions and consequences, to be aware or unaware of them.
@incollection{svetlova_decision-theoretic_2022,
edition = {2},
title = {Decision-{Theoretic} {Approaches} to {Non}-{Knowledge} in {Economics}},
isbn = {978-1-00-310060-7},
abstract = {This chapter provides an overview of conceptual approaches to incorporating a decision maker’s non-knowledge into economic theory. It focuses on the particular kind of non-knowledge which consider to be one of the most important for economic discussions: non-knowledge of possible consequence-relevant uncertain events which a decision maker would have to take into account when selecting between different strategies. In economic theory, non-knowledge of the likelihood of uncertain events at the initial decision stage of a static one-person, one-shot decision problem is the crucial feature. A different way to account for the limitations of a decision maker’s knowledge of future contingencies was the development of non-probabilistic concepts, for example, fuzzy logic and possibility theory. It is important to properly understand what it means to know states, actions and consequences, to be aware or unaware of them.},
booktitle = {Routledge {International} {Handbook} of {Ignorance} {Studies}},
publisher = {Routledge},
author = {Svetlova, Ekaterina and Elst, Henk van},
year = {2022},
note = {Num Pages: 13},
keywords = {OA, PRINTED (Fonds papier)},
}
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