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Relative uncertainty aversion and additively representable set rankings

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  • Walter Bossert
  • Arkadii Slinko

Abstract

This paper proposes a definition of relative uncertainty aversion for decision models under complete uncertainty. It is shown that, for a large class of decision rules characterized by a set of plausible axioms, the new criterion yields a complete ranking of those rules with respect to the relative degree of uncertainty aversion they represent. In addition, we address a combinatorial question that arises in this context, and we examine conditions for the additive representability of our rules.

Suggested Citation

  • Walter Bossert & Arkadii Slinko, 2006. "Relative uncertainty aversion and additively representable set rankings," International Journal of Economic Theory, The International Society for Economic Theory, vol. 2(2), pages 105-122, June.
    • Handle: RePEc:bla:ijethy:v:2:y:2006:i:2:p:105-122
    DOI: 10.1111/j.1742-7363.2006.00026.x
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    References listed on IDEAS

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    1. Barbera, S. & Barrett, C. R. & Pattanaik, Prasanta K., 1984. "On some axioms for ranking sets of alternatives," Journal of Economic Theory, Elsevier, vol. 33(2), pages 301-308, August.
    2. Barbera, S. & Bossert, W. & Pattanaik, P.K., 2001. "Ranking Sets of Objects," Cahiers de recherche 2001-02, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
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    Cited by:

    1. Murat Sertel & Arkadii Slinko, 2007. "Ranking Committees, Income Streams or Multisets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 30(2), pages 289-289, February.
    2. repec:hal:wpspec:info:hdl:2441/eu4vqp9ompqllr09iepso50rh is not listed on IDEAS
    3. Crès, Hervé & Gilboa, Itzhak & Vieille, Nicolas, 2011. "Aggregation of multiple prior opinions," Journal of Economic Theory, Elsevier, vol. 146(6), pages 2563-2582.
    4. Walter Bossert & Conchita D’Ambrosio & Kohei Kamaga, 2021. "Extreme Values, Means, and Inequality Measurement," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(3), pages 564-590, September.
    5. Alisher Akhmedjonov & Irina N. Il’ina & Carol S. Leonard & Zafar Nazarov & Evgenij E. Plisetskij & Elena S. Vakulenko, 2013. "Russia’s regions: governance and Well-being, 2000-2008," HSE Working papers WP BRP 42/EC/2013, National Research University Higher School of Economics.
    6. José Alcantud & Ritxar Arlegi, 2008. "Ranking sets additively in decisional contexts: an axiomatic characterization," Theory and Decision, Springer, vol. 64(2), pages 147-171, March.
    7. repec:hal:spmain:info:hdl:2441/eu4vqp9ompqllr09iepso50rh is not listed on IDEAS
    8. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09iepso50rh is not listed on IDEAS
    9. Andreas Darmann & Christian Klamler, 2019. "Using the Borda rule for ranking sets of objects," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 53(3), pages 399-414, October.

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    More about this item

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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