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Synopsis
Ellsberg presents a sophisticated and detailed elaboration of the postion originally presented in his much-discussed article, "Risk, Ambiguity, and the Savage Axioms." In this cogently argued book, he mounts a powerful and influential challenge to the dominant theory of rational decision, and opens new lines of investigation whose lessons still have not been fully assimilated.
Booknews
Ellsberg's 1962 doctoral dissertation in economics was the basis for a groundbreaking and controversial article that challenged the dominant theory of rational decision by distinguishing between risk and ambiguity. The full dissertation is printed here for the first time, introduced by Isaac Levi (philosophy, Columbia U.). The dissertation, Levi notes, shows Ellsberg to be an important pioneer in the study of patterns of choice behavior when decision-makers are reluctant to make quantitative or even comparative judgements of probability. Annotation c. Book News, Inc., Portland, OR (booknews.com)