Confidence in preferences
Indeterminate preferences have long been a tricky subject for choice theory. One reason for which preferences may be less than fully determinate is the lack of confidence in one's preferences. In this paper, a representation of confidence in preferences is proposed. It is used to develop an account of the role which confidence which rests on the following intuition: the more important the decision to be taken, the more confidence is required in the preferences needed to take it. An axiomatisation of this choice rule is proposed. This theory provides a natural account of when an agent should defer a decision; namely, when the importance of the decision exceeds his confidence in the relevant preferences. Possible applications of the notion of confidence in preferences to social choice are briefly explored.
(This abstract was borrowed from another version of this item.)
Volume (Year): 39 (2012)
Issue (Month): 2 (July)
|Contact details of provider:|| Web page: http://www.springer.com|
|Order Information:||Web: http://www.springer.com/economics/economic+theory/journal/355|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Eliaz, Kfir & Ok, Efe A., 2006. "Indifference or indecisiveness? Choice-theoretic foundations of incomplete preferences," Games and Economic Behavior, Elsevier, vol. 56(1), pages 61-86, July.
- Sen, Amartya, 1973. "On Economic Inequality," OUP Catalogue, Oxford University Press, number 9780198281931, December.
- Ronan Congar & Vincent Merlin, 2012.
"A characterization of the maximin rule in the context of voting,"
Theory and Decision,
Springer, vol. 72(1), pages 131-147, January.
- Ronan Congar & Vincent Merlin, 2012. "A characterization of the maximin rule in the context of voting," Post-Print halshs-00554833, HAL.
- Hill, Brian, 2013. "Confidence and decision," Games and Economic Behavior, Elsevier, vol. 82(C), pages 675-692.
- Brian Hill, 2012.
"Confidence in preferences,"
Social Choice and Welfare,
Springer;The Society for Social Choice and Welfare, vol. 39(2), pages 273-302, July.
- Sen, Amartya, 1993. "Internal Consistency of Choice," Econometrica, Econometric Society, vol. 61(3), pages 495-521, May.
- Brian Hill, 2010.
"Confidence and Ambiguity,"
- Amartya Sen, 1997.
"Maximization and the Act of Choice,"
Econometric Society, vol. 65(4), pages 745-780, July.
- Amartya Sen, 1996. "Maximization and the Act of Choice," Harvard Institute of Economic Research Working Papers 1766, Harvard - Institute of Economic Research.
- Sen, A., 1996. "Maximisation and the Act of Choice," Papers 270, Banca Italia - Servizio di Studi.
- Kreps, David M, 1979. "A Representation Theorem for "Preference for Flexibility"," Econometrica, Econometric Society, vol. 47(3), pages 565-77, May.
- Donaldson, David & Weymark, John A., 1998. "A Quasiordering Is the Intersection of Orderings," Journal of Economic Theory, Elsevier, vol. 78(2), pages 382-387, February.
- Young, H. P., 1974. "An axiomatization of Borda's rule," Journal of Economic Theory, Elsevier, vol. 9(1), pages 43-52, September.
- Mandler, Michael, 2009. "Indifference and incompleteness distinguished by rational trade," Games and Economic Behavior, Elsevier, vol. 67(1), pages 300-314, September.
- Basu, Kaushik, 1984. "Fuzzy revealed preference theory," Journal of Economic Theory, Elsevier, vol. 32(2), pages 212-227, April.
- Dutta, Bhaskar & Panda, Santosh C. & Pattanaik, Prasanta K., 1986. "Exact choice and fuzzy preferences," Mathematical Social Sciences, Elsevier, vol. 11(1), pages 53-68, February.
- Moulin, Herve, 1994. "Social choice," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 2, chapter 31, pages 1091-1125 Elsevier.
- Asley Piggins & Maurice Salles, 2007. "Instances of Indeterminacy," Post-Print halshs-00337772, HAL.
When requesting a correction, please mention this item's handle: RePEc:spr:sochwe:v:39:y:2012:i:2:p:273-302. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Rebekah McClure)
If references are entirely missing, you can add them using this form.