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Decision Making by Hybrid Probabilistic - Possibilistic Utility Theory

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  • Endre Pap

    () (Department of Mathematics and Informatics, University Novi Sad and Academy of Sciences and Arts of Vojvodina, Novi Sad, Serbia)

Abstract

It is presented an approach to decision theory based upon nonprobabilistic uncertainty. There is an axiomatization of the hybrid probabilisticpossibilistic mixtures based on a pair of triangular conorm and triangular norm satisfying restricted distributivity law, and the corresponding non-additive Smeasure. This is characterized by the families of operations involved in generalized mixtures, based upon a previous result on the characterization of the pair of continuous t-norm and t-conorm such that the former is restrictedly distributive over the latter. The obtained family of mixtures combines probabilistic and idempotent (possibilistic) mixtures via a threshold.

Suggested Citation

  • Endre Pap, 2009. "Decision Making by Hybrid Probabilistic - Possibilistic Utility Theory," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 56(4), pages 421-433, December.
  • Handle: RePEc:voj:journl:v:56:y:2009:i:4:p:421-433
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    Keywords

    Decision making; Utility theory; Possibilistic mixture; Hybrid probabilistic- possibilistic mixture; Triangular norm; Triangular conorm; Pseudoadditive measure.;

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • L97 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Utilities: General

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