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Choice under complete uncertainty: axiomatic characterizations of some decision rules

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Author Info

  • Prasanta K. Pattanaik

    ()
    (Department of Economics, University of California, Riverside, CA 92521, USA)

  • Yongsheng Xu

    ()
    (Department of Economics, Andrew Young School of Economics, Georgia State University,Atlanta, GA 30303, USA)

  • Walter Bossert

    ()
    (Department of Economics, University of Nottingham, Nottingham NG7 2RD, UK)

Abstract

We provide characterizations of four new rules for individual decision-making under complete uncertainty. They are what we call the min-max rule, the max-min rule, the lexicographic min-max rule and the lexicographic max-min rule. These rules provide orderings of the sets of possible outcomes associated with uncertain prospects. They provide significant alternatives to commonly-used rules that focus on worst outcomes or best outcomes only, and lexicographic versions of those rules.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 16 (2000)
Issue (Month): 2 ()
Pages: 295-312

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Handle: RePEc:spr:joecth:v:16:y:2000:i:2:p:295-312

Note: Received: August 20, 1998; revised version: November 3, 1999
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Related research

Keywords: Complete uncertainty; Nonprobabilistic decision rules.;

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Cited by:
  1. Carmelo Rodríguez-Álvarez, 2009. "On strategy-proof social choice correspondences: a comment," Social Choice and Welfare, Springer, vol. 32(1), pages 29-35, January.
  2. José Alcantud & Ritxar Arlegi, 2012. "An axiomatic analysis of ranking sets under simple categorization," SERIEs, Spanish Economic Association, vol. 3(1), pages 227-245, March.
  3. BOSSERT, Walter & SUZUMURA, Kotaro, 2008. "Rationality, External Norms and the Epistemic Value of Menus," Cahiers de recherche 10-2008, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  4. Jorge Alcalde-Unzu & Ricardo Arlegi & Miguel Ballester, 2013. "Uncertainty with ordinal likelihood information," Social Choice and Welfare, Springer, vol. 41(2), pages 397-425, July.
  5. Ran Spiegler, 2001. "Inferring a linear ordering over a power set," Theory and Decision, Springer, vol. 51(1), pages 31-49, August.
  6. BARBERA, Salvador & BOSSERT, Walter & PATTANAIK, Prasanta K., 2001. "Ranking Sets of Objects," Cahiers de recherche 2001-02, Universite de Montreal, Departement de sciences economiques.
  7. 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.
  8. Guerdjikova, Ani, 2006. "Portfolio Choice and Asset Prices in an Economy Populated by Case-Based Decision Makers," Working Papers 06-13, Cornell University, Center for Analytic Economics.
  9. Arlegi, Ricardo, 2007. "Sequentially consistent rules of choice under complete uncertainty," Journal of Economic Theory, Elsevier, vol. 135(1), pages 131-143, July.
  10. Murat Sertel & Arkadii Slinko, 2007. "Ranking Committees, Income Streams or Multisets," Economic Theory, Springer, vol. 30(2), pages 289-289, February.
  11. BOSSERT, Walter & SLINKO, Arkadii, 2004. "Relative Uncertainty and Additively Representable Set Rankings," Cahiers de recherche 2004-13, Universite de Montreal, Departement de sciences economiques.
  12. Amélie Vrijdags, 2010. "An experimental investigation of transitivity in set ranking," Theory and Decision, Springer, vol. 68(1), pages 213-232, February.
  13. Sebastian Bervoets, 2010. "An axiomatic approach to predictability of outcomes in an interactive setting," Theory and Decision, Springer, vol. 68(3), pages 311-323, March.
  14. Ritxar Arlegi, 2002. "A Note on Bossert, Pattanaik and Xu’s “Choice Under Complete Uncertainty: Axiomatic Characterization of Some Decision Rules”," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 0202, Departamento de Economía - Universidad Pública de Navarra.
  15. Shin Sato, 2008. "On strategy-proof social choice correspondences," Social Choice and Welfare, Springer, vol. 31(2), pages 331-343, August.
  16. Vázquez, Carmen, 2014. "Ranking opportunity sets on the basis of similarities of preferences: A proposal," Mathematical Social Sciences, Elsevier, vol. 67(C), pages 23-26.
  17. Gekker, Ruvin & van Hees, Martin, 2006. "Freedom, opportunity and uncertainty: A logical approach," Journal of Economic Theory, Elsevier, vol. 130(1), pages 246-263, September.
  18. Ritxar Arlegi, 2001. "Rational Evaluation of Actions Under Complete Uncertainty," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 0114, Departamento de Economía - Universidad Pública de Navarra.

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