Object

Title: Różnica między ryzykiem a niepewnością i ich wpływ na sytuację decyzyjną podmiotu

Title in english:

The Difference between Risk and Uncertainty and their Impact on the Agent's Decision Situation

Creator:

Kuśmierczyk, Paweł

Description:

Prace Naukowe Akademii Ekonomicznej we Wrocławiu. Ekonomia i Międzynarodowe Stosunki Gospodarcze (11); 2005; nr 1077, s. 9-20

Abstrakt:

The decisions made by economic agents under the conditions of incomplete Information are most often divided into decisions made under risk and under uncertainty. Risk is to be understood as a situation when the objective probabilities of future events are being given, opposed to the uncertainty when such Information is not known. This classification proposed by Knight in 1921 practically lost its significance when Savage suggested that under conditions of uncertainty agents behave as if they based their decisions on the complete system of subjective probabilities. However, later findings, started with the experiments described by Ellsberg, proved that behaviour under uncertainty differs clearly from the predictions of expected utility model. It turned out that under uncertainty subjective probabilities system that agents use is incomplete and indistinct which has significant influence on agents' decisions. Moreover, as practically no economic decisions are being made under risk and almost all are being made under uncertainty these results imply that expected utility model has to be deeply modified in order to describe more accurately and predict more successfully decisions made under the conditions of incomplete information.

Publisher:

Wydawnictwo Akademii Ekonomicznej im. Oskara Langego we Wrocławiu

Place of publication:

Wrocław

Date:

2005

Resource Type:

artykuł

Resource Identifier:

oai:dbc.wroc.pl:138847

Language:

pol

Relation:

Prace Naukowe Akademii Ekonomicznej im. Oskara Langego we Wrocławiu; 2005; nr 1077 ; Ekonomia i Międzynarodowe Stosunki Gospodarcze, 11

Rights:

Wszystkie prawa zastrzeżone (Copyright)

Access Rights:

Dla wszystkich w zakresie dozwolonego użytku

Location:

Uniwersytet Ekonomiczny we Wrocławiu

Coverage:

Projekt dofinansowany ze środków budżetu państwa, przyznanych przez Ministra Nauki w ramach Programu Społeczna odpowiedzialność nauki II. Tytuł projektu: Nauka dla Społeczeństwa: Prace Naukowe AEW w otwartym dostępie (2005-2008)

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