Choice Under Partial Uncertainty
This paper analyzes problems of choice under uncertainty where a decisionmaker does not use subjective probabilities. The decisionmaker has a set of beliefs about which states are more likely than others, but his beliefs cannot be represented as subjective probabilities. Three main kinds of decision rules are possible in this framework. These are maximin-type, maximax-type, and choosing that action that gives the highest payoff in the state, which the decisionmaker believes to be most likely. The author replaces the commonly used 'merger of states' axiom with a version of the sure-thing principle. Copyright 1993 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
(This abstract was borrowed from another version of this item.)
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||1991|
|Contact details of provider:|| Postal: Edgbaston, Birmingham, B15 2TT|
Web page: http://www.economics.bham.ac.uk
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:bir:birmec:91-19. 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: (Colin Rowat)
If references are entirely missing, you can add them using this form.