Ellsberg 1961: text, context, influence
Moscati, I.
(2024).
Ellsberg 1961: text, context, influence.
Decisions in Economics and Finance,
47(2), 627 - 653.
https://doi.org/10.1007/s10203-024-00437-1
In 1961 Daniel Ellsberg published an article titled “Risk, Ambiguity, and the Savage Axioms” in the Quarterly Journal of Economics, which became a seminal contribution to the theory of decision-making under uncertainty. This paper analyzes Ellsberg’s 1961 classic, situates it within the context of decision-making theory in the 1950s and early 1960s and within the development of Ellsberg’s ideas, and provides an overview of the experimental and theoretical literature to which it gave rise.
