Analogy in Decision-Making
AbstractIn the context of decision making under uncertainty, we formalize the concept of analogy: an analogy between two decision problems is a mapping that transforms one problem into the other while preserving the problem's structure. We identify the basic structure of a decision problem, and provide a representation of the mappings that preserve this structure. We then consider decision makers who use multiple analogies. Our main results are a representation theorem for "aggregators" of analogies satisfying certain minimal requirements, and the identification of preferences emerging from analogical reasoning. We show that a large variety of multiple-prior preferences can be thought of as emerging from analogical reasoning.
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Bibliographic InfoPaper provided by Centre interuniversitaire de recherche en économie quantitative, CIREQ in its series Cahiers de recherche with number 14-2009.
Length: 16 pages
Date of creation: 2009
Date of revision:
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- NEP-ALL-2010-04-17 (All new papers)
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- Ghirardato, Paolo & Maccheroni, Fabio & Marinacci, Massimo, 2004. "Differentiating ambiguity and ambiguity attitude," Journal of Economic Theory, Elsevier, vol. 118(2), pages 133-173, October.
- Massimiliano Amarante, 2006. "Analogical reasoning in decision processes," Discussion Papers 0506-17, Columbia University, Department of Economics.
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- Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
- Chambers, Christopher P., 2007. "Ordinal aggregation and quantiles," Journal of Economic Theory, Elsevier, vol. 137(1), pages 416-431, November.
- Martin Dumav & Maxwell B. Stinchcombe, 2013. "The von Neumann/Morgenstern approach to ambiguity," Working Papers 480, Bielefeld University, Center for Mathematical Economics.
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