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Case-Based Decision Theory

Author

Listed:
  • Itzhak Gilboa
  • David Schmeidler

Abstract

This paper suggests that decision-making under uncertainty is, at least partly, case-based. We propose a model in which cases are primitive, and provide a simple axiomatization of a decision rule that chooses a "best" act based on its past performance in similar cases. Each act is evaluated by the sum of the utility levels that resulted from using this act in past cases, each weighted by the similarity of that past case to the problem at hand. The formal model of case-based decision theory naturally gives rise to the notions of satisficing decisions and aspiration levels.

Suggested Citation

  • Itzhak Gilboa & David Schmeidler, 1995. "Case-Based Decision Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 110(3), pages 605-639.
  • Handle: RePEc:oup:qjecon:v:110:y:1995:i:3:p:605-639.
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    File URL: http://hdl.handle.net/10.2307/2946694
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