Random Sets Lotteries and Decision Theory
Even if its roots are much older, random sets theory has been considered as an academic area, part of stochastic geometry, since Matheron . Random sets theory was first applied in some fields related to engineering sciences like geology, image analysis and expert systems (see Goutsias et al. ), and recently in non-parametric statistics (Koshevoy et al. ) or also (see Molchanov ) in economic theory (for instance in finance and game the- ory) and in econometrics (for instance in linear models with interval-valued dependent or independent variables). We apply in this paper random sets theory to decision making. Our main result states that under a kind of vNM condition decision making for an arbitrary random set lottery reduces to de- cision making for a single-valued random set lottery, and the latter set is the set-valued expectation of the former random set. Through experiments in a laboratory, we observe consistency of decision making for ordering random sets with fixed act and varied random sets.
|Date of creation:||Oct 2011|
|Contact details of provider:|| Postal: 4, bld Francois Mitterand, 91025 Evry Cedex|
Phone: +33 1 69 47 71 77
Fax: +33 1 69 47 70 50
Web page: http://epee.univ-evry.fr
More information through EDIRC
References listed on IDEAS
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.:
- Bewley, Truman F., 2011. "Knightian decision theory and econometric inferences," Journal of Economic Theory, Elsevier, vol. 146(3), pages 1134-1147, May.
When requesting a correction, please mention this item's handle: RePEc:eve:wpaper:11-09. 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: (Samuel Nosel)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.