Knightian Uncertainty Meets Ranking Theory

Spohn, Wolfgang

Knightian Uncertainty Meets Ranking Theory

Files

Spohn_2-fxsix6mtab4g9.pdf(129.52 KB)

Date

2017

Publication type

Journal article

Publication status

Published

Published in

Homo Oeconomicus ; 34 (2017), 4. - pp. 293-311. - ISSN 0943-0180. - eISSN 2366-6161

Abstract

Knightian uncertainty is not a special kind of uncertainty; it’s just uncertainty. And it raises the issue how we may model uncertainty. The paper gives a brief overview over non-probabilistic measures of uncertainty, starting with Shackle’s functions of potential surprise and mentioning non-additive probabilities, Dempster–Shafer belief functions, etc. It arrives at an explanation of ranking theory as a further uncertainty model and emphasizes its additional epistemological virtues, which consist in a representation of belief, i.e., of taking something to be true (which is the basic notion of traditional epistemology and admits of degrees as well) and a full dynamic account of those degrees. The final section addresses the issue how these uncertainty measures and in particular ranking theory may be used within a decision theoretic context.

Subject (DDC)

100 Philosophy

Keywords

Knightian uncertainty, Functions of potential surprise, Baconian probability, Non-additive probability, Ranking theory, Belief, Decision theory

Cite This

ISO 690

SPOHN, Wolfgang, 2017. Knightian Uncertainty Meets Ranking Theory. In: Homo Oeconomicus. 34(4), pp. 293-311. ISSN 0943-0180. eISSN 2366-6161. Available under: doi: 10.1007/s41412-017-0060-5

BibTex

@article{Spohn2017-12-09Knigh-41361,
  year={2017},
  doi={10.1007/s41412-017-0060-5},
  title={Knightian Uncertainty Meets Ranking Theory},
  number={4},
  volume={34},
  issn={0943-0180},
  journal={Homo Oeconomicus},
  pages={293--311},
  author={Spohn, Wolfgang}
}

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Bibliography of Konstanz

Yes