Choice under complete uncertainty: axiomatic characterizations of some decision rules
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.
Volume (Year): 16 (2000)
Issue (Month): 2 ()
|Note:||Received: August 20, 1998; revised version: November 3, 1999|
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|Order Information:||Web: http://www.springer.com/economics/economic+theory/journal/199/PS2|
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