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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

Related research

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

References

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  1. 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.
  2. Cohen, Michele & Jaffray, Jean-Yves, 1980. "Rational Behavior under Complete Ignorance," Econometrica, Econometric Society, vol. 48(5), pages 1281-99, July.
  3. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-87, May.
  4. Bossert, W., 1996. "Uncertainty Aversion in Nonprobabilistic Decision Models," Working Papers 9609, University of Waterloo, Department of Economics.
  5. Toulet, Claude, 1986. "Complete ignorance and independence axiom: Optimism, pessimism, indecisiveness," Mathematical Social Sciences, Elsevier, vol. 11(1), pages 33-51, February.
  6. Ghirardato, Paolo & Maccheroni, Fabio & Marinacci, Massimo, 2004. "Differentiating ambiguity and ambiguity attitude," Journal of Economic Theory, Elsevier, vol. 118(2), pages 133-173, October.
  7. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
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Cited by:
  1. Ana, MAULEON & Vincent, VANNETELBOSCH, 2005. "Market Integration and Strike Activity," Discussion Papers (ECON - Département des Sciences Economiques) 2005025, Université catholique de Louvain, Département des Sciences Economiques.
  2. MAULEON, Ana & SONG, Huasheng & VANNETELBOSCH, Vincent, 2006. "Networks of free trade agreements among heterogeneous countries," CORE Discussion Papers 2006053, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Thisse, Jacques-François, 2010. "Toward a unified theory of economic geography an urban economics," Open Access publications from Université catholique de Louvain info:hdl:2078.1/30406, Université catholique de Louvain.

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