Ranking Completely Uncertain Decisions by the Uniform Expected Utility Criterion

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Ranking Completely Uncertain Decisions by the Uniform Expected Utility Criterion

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Nicolas Gravel () (Greqam)
Thierry Marchant () (Department of Data analysis, Gent, Belgium)
Arunava Sen () (Indian Statistical Institute, Dehli, India)

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Abstract

We provide an axiomatic characterization of a family of criteria for ranking completely uncertain decisions. A completely uncertain decision is described by the set of all its consequences (assumed to be finite). Each of the criterion characterized can be thought of as assigning to all consequences of a decision an equal probability of occurrence and as comparing decisions on the basis of the expected utility of their consequences for some utility function.

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Paper provided by Institut d'economie publique (IDEP), Marseille, France in its series IDEP Working Papers with number 0705.

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Length: 41 pages
Date of creation: 12 Jul 2007
Date of revision: 12 Jul 2007
Handle: RePEc:iep:wpidep:0705

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Find related papers by JEL classification:
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

This paper has been announced in the following NEP Reports:

NEP-ALL-2005-12-09 (All new papers)
NEP-PBE-2005-12-09 (Public Economics)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Maskin, Eric, 1978. "A Theorem on Utilitarianism," Review of Economic Studies, Blackwell Publishing, vol. 45(1), pages 93-96, February. [Downloadable!] (restricted)
Pattanaik, Prasanta K. & Xu, Yongsheng, 2000. "On Ranking Opportunity Sets in Economic Environments," Journal of Economic Theory, Elsevier, vol. 93(1), pages 48-71, July. [Downloadable!] (restricted)
Maniquet, Francois, 1998. "An equal right solution to the compensation-responsibility dilemma," Mathematical Social Sciences, Elsevier, vol. 35(2), pages 185-202, March. [Downloadable!] (restricted)
Other versions:
- Maniquet, F., 1996. "An Equal Right Solution to the Compensation-Responsability Dilemma," UFAE and IAE Working Papers 335.96, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
Serge-Christophe Kolm, 2004. "Liberty and distribution: Macrojustice from social freedom," Social Choice and Welfare, Springer, vol. 22(1), pages 113-145, 02. [Downloadable!] (restricted)

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