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Extension Rules or What Would the Sage Do?

  • Ehud Lehrer
  • Roee Teper
Registered author(s):

    Quite often, decision makers face choices that involve new aspects and alternatives never considered before. Scenarios of this sort may arise, for instance, as a result of technological progress or from individual circumstances such as growing awareness. In such situations, simple inference rules, past experience, and knowledge about historic choice problems may prove helpful in determining what would be a reasonable action to take vis-a-vis a new problem. In the context of decision making under uncertainty, we introduce and study an extension rule that enables the decision maker to extend a preference order defined on a restricted domain.

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/mic.6.1.5
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    File URL: http://www.aeaweb.org/aej/mic/ds/0601/2012-0187_ds.zip
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    Article provided by American Economic Association in its journal American Economic Journal: Microeconomics.

    Volume (Year): 6 (2014)
    Issue (Month): 1 (February)
    Pages: 5-22

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    Handle: RePEc:aea:aejmic:v:6:y:2014:i:1:p:5-22
    Note: DOI: 10.1257/mic.6.1.5
    Contact details of provider: Web page: https://www.aeaweb.org/aej-micro
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    1. Edi Karni & Marie-Louise Vierø, 2010. ""Reverse Bayesianism": A Choice-Based Theory of Growing Awareness," Working Papers 1258, Queen's University, Department of Economics.
    2. Marciano Siniscalchi, 2003. "A Behavioral Characterization of Plausible Priors," Discussion Papers 1365, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    3. Itzhak Gilboa & Fabio Maccheroni & Massimo Marinacci & David Schmeidler, 2008. "Objective and Subjective Rationality in a Multiple Prior Model," Carlo Alberto Notebooks 73, Collegio Carlo Alberto, revised 2008.
    4. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
    5. Tsogbadral Galaabaatar & Edi Karni, 2013. "Subjective Expected Utility With Incomplete Preferences," Econometrica, Econometric Society, vol. 81(1), pages 255-284, 01.
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