aim and background: the purpose of this study was to investigate the relationship between cognitive intelligence and ambiguity tolerance with entrepreneurship of west azarbayjan payam noor university students, iran. methods and materials: this cross-sectional correlational research was conducted during 2010-2011 academic years. 1122 student (672 female and 450 male) were selected using stratifi...

The objective of this paper is to show how ambiguity, and a decision maker (DM)’s response to it, can be modelled formally in the context of a general decision model. We introduce a relation derived from the DM’s preferences, called ‘‘unambiguous preference’’, and show that it can be represented by a set of probabilities. We provide such set with a simple differential characterization, and argu...

According to the well-known distinction attributed to Knight (1921), there are two kinds of uncertainty. The first, called “risk,” corresponds to situations in which all events relevant to decision making are associated with obvious probability assignments (which every decision maker agrees to). The second, called “(Knightian) uncertainty” or (following Ellsberg (1961)) “ambiguity,” corresponds...