Ranking Completely Uncertain Decisions by the Uniform Expected Utility Criterion
AbstractWe 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 criterions 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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Bibliographic InfoPaper provided by Institut d'economie publique (IDEP), Marseille, France in its series IDEP Working Papers with number 0705.
Length: 41 pages
Date of creation: 12 Jul 2007
Date of revision: 12 Jul 2007
Complete Uncertainty; Ignorance; Ranking Sets; Probability; Expected Utility of their Consequences for Some Utility Function.;
Find related papers by JEL classification:
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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