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Choice under complete uncertainty: axiomatic characterizations of some decision rules

Author

Listed:
  • Prasanta K. Pattanaik

    (Department of Economics, University of California, Riverside, CA 92521, USA)

  • Yongsheng Xu

    (Department of Economics, Andrew Young School of Economics, Georgia State University,Atlanta, GA 30303, USA)

  • Walter Bossert

    (Department of Economics, University of Nottingham, Nottingham NG7 2RD, UK)

Abstract

We provide characterizations of four new rules for individual decision-making under complete uncertainty. They are what we call the min-max rule, the max-min rule, the lexicographic min-max rule and the lexicographic max-min rule. These rules provide orderings of the sets of possible outcomes associated with uncertain prospects. They provide significant alternatives to commonly-used rules that focus on worst outcomes or best outcomes only, and lexicographic versions of those rules.

Suggested Citation

  • Prasanta K. Pattanaik & Yongsheng Xu & Walter Bossert, 2000. "Choice under complete uncertainty: axiomatic characterizations of some decision rules," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 16(2), pages 295-312.
    • Handle: RePEc:spr:joecth:v:16:y:2000:i:2:p:295-312
    Note: Received: August 20, 1998; revised version: November 3, 1999
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