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<p>Two approaches to introducing agents’ preferences under uncertainty are indicated. The approach followed by the general theory, from Pareto’s Manual onward, places preferences on possible choices among the “data” of the theory. Therefore, the representation of uncertainty’s influence on preferences is unnecessary. Even in the absence of this representation, it is possible to obtain from the preferences of the decision-maker a measure of his/her subjective probabilities through the marginal reservation prices for the purchase or sale of a bet on the event to which the probability refers and also have an indication on the uncertainty aversion of the agent under examination. Some comments on the use of preferences and decisions under uncertainty in economic theory are presented in the conclusion.</p>

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On the decision under uncertainty in economic theory

  • 期刊论文

  • 发表日期：

    2025年7月15日

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  • Aldo Montesano

摘要

Two approaches to introducing agents’ preferences under uncertainty are indicated. The approach followed by the general theory, from Pareto’s Manual onward, places preferences on possible choices among the “data” of the theory. Therefore, the representation of uncertainty’s influence on preferences is unnecessary. Even in the absence of this representation, it is possible to obtain from the preferences of the decision-maker a measure of his/her subjective probabilities through the marginal reservation prices for the purchase or sale of a bet on the event to which the probability refers and also have an indication on the uncertainty aversion of the agent under examination. Some comments on the use of preferences and decisions under uncertainty in economic theory are presented in the conclusion.