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Decision Making by Hybrid Probabilistic-Possibilistic Utility Theory

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  • Endre Pap

Abstract

It is presented an approach to decision theory based upon nonprobabilistic uncertainty. There is an axiomatization of the hybrid probabilistic-possibilistic mixtures based on a pair of triangular conorm and triangular norm satisfying restricted distributivity law, and the corresponding non-additive S-measure. 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. Key words: Decision making, Utility theory, Possibilistic mixture, Hybrid probabilistic-possibilistic mixture, Triangular norm, Triangular conorm, Pseudo-additive measure.JEL: C44, L97.

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.
    • Handle: RePEc:voj:journl:v:56:y:2009:i:4:p:421-433:id:229
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    File URL: https://panoeconomicus.org/index.php/jorunal/article/view/229/220
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    Cited by:

    1. Gordan Stojić, 2012. "Using Fuzzy Logic for Evaluating the Level of Countries’ (Regions’) Economic Development," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(3), pages 293-310, June.

    More about this item

    Keywords

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

    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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