A more general formulation is presented that combines the four equations of Brady into one single equation. The new formulation explicitly allows for varying degrees of risk and ambiguity aversion and -seeking behavior by decision makers.
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References
1.
BradyM. E. (1994) A note on the extension of J. M. Keynes' decision theory. Psychological Reports, 75, 112–114.
2.
KeynesJ. M. (1921) A treatise on probability. London: Macmillan. (AMS Press Reprint, 1979).
