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Utility in Case-Based Decision Theory

Author

Listed:
  • Itzhak Gilboa

    (TAU - Tel Aviv University)

  • David Schmeidler

    (TAU - Tel Aviv University, OSU - The Ohio State University [Columbus])

  • Peter P. Wakker

    (UvA - Universiteit van Amsterdam = University of Amsterdam)

Abstract

This paper provides two axiomatic derivations of a case-baseddecision rule. Each axiomatization shows that, if preference orders over available acts in various contexts satisfy certain consistency requirements, then these orders can be numerically represented by maximization of a similarity-weighted utility function. In each axiomatization, both the similarity function and the utility function are simultaneously derived from preferences, and the axiomatic derivation also suggests a way to elicit these theoretical concepts from in-principle observable preferences. The two axiomatizations differ in the type of decisions that they assume as data.

Suggested Citation

  • Itzhak Gilboa & David Schmeidler & Peter P. Wakker, 2002. "Utility in Case-Based Decision Theory," Post-Print hal-00752278, HAL.
    • Handle: RePEc:hal:journl:hal-00752278
    DOI: 10.1006/jeth.2001.2858
    as

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