Skip navigation
Skip navigation

A Model-Free Definition of Increasing Uncertainty

Grant, Simon; Quiggin, John


We present a definition of increasing uncertainty, independent of any notion of subjective probabilities, or of any particular model of preferences. Our notion of an elementary increase in the uncertainty of any act corresponds to the addition of an 'elementary bet' which increases consumption by a fixed amount in the (relatively) 'good' states and decreases consumption by a fixed (and possibly different) amount in the (relatively) 'bad' states. This definition naturally gives rise to a dual...[Show more]

CollectionsANU Research Publications
Date published: 2001
Type: Working/Technical Paper


File Description SizeFormat Image
wp408.pdf1.52 MBAdobe PDFThumbnail

Items in Open Research are protected by copyright, with all rights reserved, unless otherwise indicated.

Updated:  20 July 2017/ Responsible Officer:  University Librarian/ Page Contact:  Library Systems & Web Coordinator