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Robust satisficing and the probability of survival

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  • Yakov Ben-Haim

Abstract

Concepts of robustness are sometimes employed when decisions under uncertainty are made without probabilistic information. We present a theorem that establishes necessary and sufficient conditions for non-probabilistic robustness to be equivalent to the probability of satisfying the specified outcome requirements. When this holds, probability is enhanced (or maximised) by enhancing (or maximising) robustness. Two further theorems establish important special cases. These theorems have implications for success or survival under uncertainty. Applications to foraging and finance are discussed.

Suggested Citation

  • Yakov Ben-Haim, 2014. "Robust satisficing and the probability of survival," International Journal of Systems Science, Taylor & Francis Journals, vol. 45(1), pages 3-19.
    • Handle: RePEc:taf:tsysxx:v:45:y:2014:i:1:p:3-19
    DOI: 10.1080/00207721.2012.684906
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    Cited by:

    1. Hsieh, Chia-Chun & Ma, Zhiming & Novoselov, Kirill E., 2019. "Accounting conservatism, business strategy, and ambiguity," Accounting, Organizations and Society, Elsevier, vol. 74(C), pages 41-55.

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