Ellsberg paradox: The Ellsberg paradox is a paradox in decision theory in which people's decisions are inconsistent with subjective expected utility theory. The paradox was first described by Daniel Ellsberg in 1961. See also Decision theory, Knowledge, Utility theory._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. |