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Fuzzy expected utility

Author

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  • Bernadette Mathieu

    (IME - Institut de mathématiques économiques - UB - Université de Bourgogne)

Abstract

Decision making under uncertainty requires not only measures of the uncertainty of situations that we try to recognize , but also an estimate of the imprecision from which they are determined. This imprecision can be the result either of a lack of exactness in the measure of the elements which are necessary to the determination of the states of nature or the purely subjective interpretation of these states. Through a subjective measure of the non-measurable imprecision, the purpose of the fuzzy expected utility, which is investigated, is to translate with a great accuracy the imprecise behaviour of the decision-maker in an uncertain world. Consequently we propose to introduce first the probability of a fuzzy subset, or fuzzy event, to the theory of fuzzy utility, also called "fuzzy stochastic utility".

Suggested Citation

  • Bernadette Mathieu, 1984. "Fuzzy expected utility," Working Papers hal-01542423, HAL.
    • Handle: RePEc:hal:wpaper:hal-01542423
    Note: View the original document on HAL open archive server: https://hal.science/hal-01542423
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    References listed on IDEAS

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    1. PREVOT, Michel, 1975. "Probability calculation and fuzzy subsets theory," Institut des Mathématiques Economiques – Document de travail de l’I.M.E. (1974-1993) 14, Institut des Mathématiques Economiques. LATEC, Laboratoire d'Analyse et des Techniques EConomiques, CNRS, Université de Bourgogne.
    2. Ponsard, Claude, 1982. "Producer's spatial equilibrium with a fuzzy constraint," European Journal of Operational Research, Elsevier, vol. 10(3), pages 302-313, July.
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    More about this item

    Keywords

    Decision making; Fuzzy;

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