Evidence of aversion to ambiguity

The Ellsberg paradox is a paradox in decision theory in which people’s choices violate the postulates of subjective expected utility.[1] It is generally taken to be evidence for ambiguity aversion. The paradox was popularized by Daniel Ellsberg, although a version of it was noted considerably earlier by John Maynard Keynes.[2] The basic idea is that […]

Collective retreat from society, prologue

The term me decade was coined by novelist Tom Wolfe in New York magazine in August 1976, describing the new American preoccupation with self-awareness and the collective retreat from history, community, and human reciprocity. The term seemed to de-scribe the age so aptly that it quickly became commonly associated with the 1970s. Compared to the […]