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A Simple Characterization of the Hurwicz Criterium under Uncertainty

Author

Listed:
  • Alain Chateauneuf
  • Caroline Ventura
  • Vassili Vergopoulos

Abstract

Schmeidler [1986], [1989] famously used his nonadditive probability model to describe a decision-maker?s uncertainty aversion and/or uncertainty loving. This short note illustrates how nonadditive probability can also be used to obtain a simple characterization of the Hurwicz criterium, where the decision-maker has a balanced attitude towards uncertainty, intermediate between full aversion and full loving. JEL Codes: D81.

Suggested Citation

  • Alain Chateauneuf & Caroline Ventura & Vassili Vergopoulos, 2020. "A Simple Characterization of the Hurwicz Criterium under Uncertainty," Revue économique, Presses de Sciences-Po, vol. 71(2), pages 331-336.
    • Handle: RePEc:cai:recosp:reco_712_0331
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    Keywords

    Schmeidler’s model; Hurwicz criterium; aversion and attraction with respect to uncertainty;
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    JEL classification:

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

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