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A trichotomy of attitudes for decision-making under complete ignorance

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  • Congar, Ronan
  • Maniquet, François

Abstract

We study decision criteria under complete ignorance, that is, when there is no available information regarding plausible probability distributions over the possible outcomes. We characterize the set of criteria satisfying quasi-transitivity, Savage's independence, duplication, a strong version of dominance and scale invariance. Only three criteria satisfy these requirements. These criteria are the well-known protective criterion, its dual criterion which we call hazardous, and a neutral criterion which is the composition of both (a decision is strictly preferred according to this criterion to another one if both the protective and the hazardous criteria strictly prefer the former).

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Bibliographic Info

Article provided by Elsevier in its journal Mathematical Social Sciences.

Volume (Year): 59 (2010)
Issue (Month): 1 (January)
Pages: 15-25

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Handle: RePEc:eee:matsoc:v:59:y:2010:i:1:p:15-25

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Web page: http://www.elsevier.com/locate/inca/505565

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Keywords: Complete ignorance Quasi-transitivity Independence Duplication Protective criterion;

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  1. David Schmeidler, 1989. "Subjective Probability and Expected Utility without Additivity," Levine's Working Paper Archive 7662, David K. Levine.
  2. Bossert, Walter, 1997. "Uncertainty aversion in nonprobabilistic decision models," Mathematical Social Sciences, Elsevier, vol. 34(3), pages 191-203, October.
  3. Toulet, Claude, 1986. "Complete ignorance and independence axiom: Optimism, pessimism, indecisiveness," Mathematical Social Sciences, Elsevier, vol. 11(1), pages 33-51, February.
  4. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
  5. Ghirardato, Paolo & Maccheroni, Fabio & Marinacci, Massimo, 2004. "Differentiating ambiguity and ambiguity attitude," Journal of Economic Theory, Elsevier, vol. 118(2), pages 133-173, October.
  6. Barbara, Salvador & Jackson, Matthew, 1988. "Maximin, leximin, and the protective criterion: Characterizations and comparisons," Journal of Economic Theory, Elsevier, vol. 46(1), pages 34-44, October.
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