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Uncertainty Aversion in Nonprobabilistic Decision Models

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  • Bossert, W.

Abstract

This paper proposes a definition of uncertainty aversion for nonprobabilistic decision models and characterizes the decision rules that are uncertainty averses in that sense. Dual results are obtained for uncertainty appeal and it is shown that imposing an uncertainty neutrality condition leads to an impossibility result.

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Bibliographic Info

Paper provided by University of Waterloo, Department of Economics in its series Working Papers with number 9609.

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Length: 13 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:wat:wpaper:9609

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Keywords: DECISION MAKING; RISK;

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References

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  1. David Schmeidler, 1989. "Subjective Probability and Expected Utility without Additivity," Levine's Working Paper Archive 7662, David K. Levine.
  2. Holzman, Ron, 1984. "An extension of Fishburn's theorem on extending orders," Journal of Economic Theory, Elsevier, Elsevier, vol. 32(1), pages 192-196, February.
  3. Bossert, Walter, 1989. "On the extension of preferences over a set to the power set: An axiomatic characterization of a quasi-ordering," Journal of Economic Theory, Elsevier, Elsevier, vol. 49(1), pages 84-92, October.
  4. Bossert Walter & Pattanaik Prasanta K. & Xu Yongsheng, 1994. "Ranking Opportunity Sets: An Axiomatic Approach," Journal of Economic Theory, Elsevier, Elsevier, vol. 63(2), pages 326-345, August.
  5. Fishburn, Peter C., 1984. "Comment on the Kannai-Peleg impossibility theorem for extending orders," Journal of Economic Theory, Elsevier, Elsevier, vol. 32(1), pages 176-179, February.
  6. Gilboa, Itzhak, 1987. "Expected utility with purely subjective non-additive probabilities," Journal of Mathematical Economics, Elsevier, vol. 16(1), pages 65-88, February.
  7. Barbera, Salvador & Pattanaik, Prasanta K., 1984. "Extending an order on a Set to the power set: Some remarks on Kannai and Peleg's approach," Journal of Economic Theory, Elsevier, Elsevier, vol. 32(1), pages 185-191, February.
  8. Kannai, Yakar & Peleg, Bezalel, 1984. "A note on the extension of an order on a set to the power set," Journal of Economic Theory, Elsevier, Elsevier, vol. 32(1), pages 172-175, February.
  9. Fishburn, Peter C., 1992. "Signed orders and power set extensions," Journal of Economic Theory, Elsevier, Elsevier, vol. 56(1), pages 1-19, February.
  10. Wakker, Peter, 1989. "Continuous subjective expected utility with non-additive probabilities," Journal of Mathematical Economics, Elsevier, vol. 18(1), pages 1-27, February.
  11. Wakker, Peter, 1990. "Characterizing optimism and pessimism directly through comonotonicity," Journal of Economic Theory, Elsevier, Elsevier, vol. 52(2), pages 453-463, December.
  12. Nitzan, Shmuel I. & Pattanaik, Prasanta K., 1984. "Median-based extensions of an ordering over a set to the power set: An axiomatic characterization," Journal of Economic Theory, Elsevier, Elsevier, vol. 34(2), pages 252-261, December.
  13. Hong, Chew Soo & Karni, Edi & Safra, Zvi, 1987. "Risk aversion in the theory of expected utility with rank dependent probabilities," Journal of Economic Theory, Elsevier, Elsevier, vol. 42(2), pages 370-381, August.
  14. Cohen, Michele & Jaffray, Jean-Yves, 1980. "Rational Behavior under Complete Ignorance," Econometrica, Econometric Society, Econometric Society, vol. 48(5), pages 1281-99, July.
  15. Barbera, S. & Barrett, C. R. & Pattanaik, Prasanta K., 1984. "On some axioms for ranking sets of alternatives," Journal of Economic Theory, Elsevier, Elsevier, vol. 33(2), pages 301-308, August.
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Citations

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Cited by:
  1. Congar, Ronan & Maniquet, François, 2010. "A trichotomy of attitudes for decision-making under complete ignorance," Mathematical Social Sciences, Elsevier, Elsevier, vol. 59(1), pages 15-25, January.
  2. Sebastian Bervoets, 2010. "An axiomatic approach to predictability of outcomes in an interactive setting," Theory and Decision, Springer, Springer, vol. 68(3), pages 311-323, March.
  3. Ritxar Arlegi, 2001. "Rational Evaluation of Actions Under Complete Uncertainty," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra, Departamento de Economía - Universidad Pública de Navarra 0114, Departamento de Economía - Universidad Pública de Navarra.
  4. Hervé Crès & Itzhak Gilboa, & Nicolas Vieille, 2011. "Aggregation of multiple prior opinions," Sciences Po publications info:hdl:2441/eu4vqp9ompq, Sciences Po.
  5. BARBERA, Salvador & BOSSERT, Walter & PATTANAIK, Prasanta K., 2001. "Ranking Sets of Objects," Cahiers de recherche, Universite de Montreal, Departement de sciences economiques 2001-02, Universite de Montreal, Departement de sciences economiques.
  6. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09iepso50rh is not listed on IDEAS

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