Decision-making under risk: Editing procedures based on correlated similarities, and preference overdetermination

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Decision-making under risk: Editing procedures based on correlated similarities, and preference overdetermination

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JosÊ RamÕn Uriarte (Universidad del Pais Vasco-Euskal Herriko Unibertsitatea, Departamento de Fundamentos del AnÂlisis EconÕmico, Avenida del Lehendakari Agirre, 83, E-48015 Bilbao, Basque Country-Spain)

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José Ramón Uriarte

Abstract

This paper studies editing procedures based on similarity relations in an expected utility maximization context. It shows that these procedures are compatible both with a family of difference-correlated similarities on the prize space and with a set of families (one for each probability) of ratio-correlated similarity relations on the probability space. In view of the properties satisfied by these families of correlated similarities, it is suggested that Rubinstein's preference overdetermination problem can be avoided.

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Article provided by Springer in its journal Review of Economic Design.

Volume (Year): 4 (1999)
Issue (Month): 1 ()
Pages: 1-12
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Handle: RePEc:spr:reecde:v:4:y:1999:i:1:p:1-12

Note: Received: 17 April 1996 / Accepted: 24 September 1998
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Paola Manzini & Marco Mariotti, 2006. "A Vague Theory of Choice over Time," The B.E. Journal of Theoretical Economics, Berkeley Electronic Press, vol. 0(1). [Downloadable!]
Other versions:
- Paola Manzini & Marco Mariotti, 2002. "A vague theory of choice over time," Game Theory and Information 0203004, EconWPA, revised 21 Jun 2002. [Downloadable!]
- Manzini, Paola & Mariotti, Marco, 2004. "A Vague Theory of Choice over Time," IZA Discussion Papers 1228, Institute for the Study of Labor (IZA). [Downloadable!]
Antonio Cabrales & Jose Ramon Uriarte, 2008. "Doubts and equilibria," Economics Working Papers we080905, Universidad Carlos III, Departamento de Economía. [Downloadable!]
Other versions:
- Antonio Cabrales & José Ramón Uriarte Ayo, 2008. "Doubts and Equilibria," IKERLANAK 200831, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I. [Downloadable!]

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