Emiliano Catonini, ICEF assistant professor, gave a lecture on HSE Day

Emiliano Catonini, ICEF assistant professor, gave a lecture «To the Heart of Decision-Making» on HSE Day which took place on September 9th in Gorky Park.

Short abstract of the lecture:

- risk aversion: the St Petersburg paradox and why we are all risk averse

- subjective expected utility: when do we decide as if we had probabilities in mind although we do not know the objective probabilities of the states of world

- departure from subjective expected utility: Ellsberg paradox as a violation of the Sure Thing Principle. Ambiguity aversion, the attitude not to decide as if we had one probability distribution in mind