Risk, Ambiguity, and the Savage Axioms
The paper that introduced the Ellsberg paradox — demonstrating that people systematically prefer known-probability risks over unknown-probability ambiguity, violating expected utility theory. Foundational for understanding ambiguity aversion: the preference for a calculable risk over an incalculable one explains part of why people stay silent when they cannot predict how voice will land.
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Neighbours (8)
- Calculus of Voice
- Leadership Behavior and Employee Voice: Is the Door Really Open?
- Prospect Theory: An Analysis of Decision under Risk
- Ambiguity & Predictability
- An Uncertainty Management Perspective on Long-Run Impacts of Adversity: The Influence of Childhood Socioeconomic Status on Risk, Time, and Social Preferences
- Implicit Voice Theories: Taken-for-Granted Rules of Self-Censorship at Work
- Barriers to PS
- Prospect Theory