Jaffray’s ideas on ambiguity

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Abstract

This paper discusses Jean-Yves Jaffray’s ideas on ambiguity and the views underlying his ideas. His models, developed 20 years ago, provide the most tractable separation of risk attitudes, ambiguity attitudes, and ambiguity beliefs available in the literature today.

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Correspondence to Peter P. Wakker.

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Open Access This is an open access article distributed under the terms of the Creative Commons Attribution Noncommercial License (https://creativecommons.org/licenses/by-nc/2.0), which permits any noncommercial use, distribution, and reproduction in any medium, provided the original author(s) and source are credited.

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Wakker, P.P. Jaffray’s ideas on ambiguity. Theory Decis 71, 11–22 (2011). https://doi.org/10.1007/s11238-010-9209-4

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Keywords

  • Ambiguity
  • Total absence of information
  • Belief functions

JEL Classification

  • D81
  • D03