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Incomplete information, expectation, and subsequent decisionmaking



Attention is drawn to situations in which the behaviour of individuals in a society does not result from well-known given laws or rules, but from the decisions and expectations of each individual. From this perspective, an unequal distribution of information will allow each individual to cope with his own sources of uncertainty which determine his freedom of action. Each individual will act according to the perception of a situation and his expectation of the future development of that situation. At the same time, each individual is informed by the decisions of other individuals: this may change the level of information about the situation and the expectation model used. By means of a simple mathematical model a simplified case will be described in which two individuals have to take a decision which will be a function of each individual's expectation. Some unexpected results will be presented and commented upon.

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  • A de Palma, 1983. "Incomplete information, expectation, and subsequent decisionmaking," Environment and Planning A, Pion Ltd, London, vol. 15(1), pages 123-130, January.
  • Handle: RePEc:pio:envira:v:15:y:1983:i:1:p:123-130

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