Relative uncertainty aversion and additively representable set rankings
AbstractThis paper proposes a definition of relative uncertainty aversion for decision models under complete uncertainty. It is shown that, for a large class of decision rules characterized by a set of plausible axioms, the new criterion yields a complete ranking of those rules with respect to the relative degree of uncertainty aversion they represent. In addition, we address a combinatorial question that arises in this context, and we examine conditions for the additive representability of our rules.
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Bibliographic InfoArticle provided by The International Society for Economic Theory in its journal International Journal of Economic Theory.
Volume (Year): 2 (2006)
Issue (Month): 2 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1742-7355
Other versions of this item:
- BOSSERT, Walter & SLINKO, Arkadii, 2004. "Relative Uncertainty Aversion and Additively Representable Set Rankings," Cahiers de recherche 16-2004, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Barbera, S. & Bossert, W. & Pattanaik, P.K., 2001.
"Ranking Sets of Objects,"
Cahiers de recherche
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Documentos de Trabajo - Lan Gaiak Departamento de EconomÃa - Universidad PÃºblica de Navarra
0610, Departamento de Economía - Universidad Pública de Navarra.
- José Alcantud & Ritxar Arlegi, 2008. "Ranking sets additively in decisional contexts: an axiomatic characterization," Theory and Decision, Springer, vol. 64(2), pages 147-171, March.
- Murat Sertel & Arkadii Slinko, 2007.
"Ranking Committees, Income Streams or Multisets,"
Springer, vol. 30(2), pages 289-289, February.
- Crès, Hervé & Gilboa, Itzhak & Vieille, Nicolas, 2011.
"Aggregation of multiple prior opinions,"
Journal of Economic Theory,
Elsevier, vol. 146(6), pages 2563-2582.
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