In economic models, risk is defined as a gamble with full information and ambiguity as
compound risks with missing probability information. Ambiguity is reducible to risks using …

Publisher Summary Psychological and neuroscience studies of risk-taking have identified
wide range of factors some exogenous and some endogenous that influence risk-taking …

Decision-making under uncertainty has been studied in psychiatry, economic psychology,
and neuroeconomics. Psychiatric patients (eg, drug addicts) often show low degrees of …

We deal with risk versus uncertainty, a distinction that is of fundamental importance for
cognitive neuroscience yet largely neglected. In a world of risk (“small world”), all …

Many decisions involve uncertainty, or imperfect knowledge about how choices lead to
outcomes. Colloquial notions of uncertainty, particularly when describing a decision as' …

In this chapter, we describe how risk and ambiguity impact the value of choice options, how
this impact can be modelled formally and how it is implemented in the brain. In particular, we …

A fundamental but rarely contested assumption in economics and neuroeconomics is that
decision-makers compute subjective values of risky options by multiplying functions of …

Levy I, Snell J, Nelson AJ, Rustichini A, Glimcher PW. Neural representation of subjective
value under risk and ambiguity. J Neurophysiol 103: 1036–1047, 2010. First published …

We make a variety of decisions throughout our lives. Some decisions involve outcomes
whose values can be readily compared, especially when those outcomes are simple …

In this chapter, we describe how risk and ambiguity impact the value of choice options, how
this impact can be modelled formally and how it is implemented in the brain. In particular, we …