Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/97478
Authors: 
Karni, Edi
Vierø, Marie-Louise
Year of Publication: 
2014
Series/Report no.: 
Queen's Economics Department Working Paper 1322
Abstract: 
In the wake of growing awareness, decision makers anticipate that they might become aware of material possibilities and ideas that, in their current state of ignorance, are unimaginable. This anticipation manifests itself in their choice behavior. This paper models this awareness of unawareness and axiomatizes a probabilistic sophisticated representation of beliefs about ignorance and subjective expected utility representation, in an enriched framework, that assigns utility to the unknown while maintaining, in both instances, the flavor of reverse Bayesianism of Karni and Vierø (2013, 2014).
Subjects: 
Awareness
unawareness
ignorance
reverse Bayesianism
JEL: 
D8
D81
D83
Document Type: 
Working Paper

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