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Ranking Completely Uncertain Decisions by the Uniform Expected Utility Criterion

We provide an axiomatic characterization of a family of criteria for ranking completely uncertain decisions. A completely uncertain decision is described by the set of all its consequences (assumed to be finite). Each of the criterions characterized can be thought of as assigning to all consequences of a decision an equal probability of occurrence and as comparing decisions on the basis of the expected utility of their consequences for some utility function.

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Paper provided by Institut d'economie publique (IDEP), Marseille, France in its series IDEP Working Papers with number 0705.

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Length: 41 pages
Date of creation: 12 Jul 2007
Date of revision: 12 Jul 2007
Handle: RePEc:iep:wpidep:0705
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  1. Maniquet, F., 1996. "An Equal Right Solution to the Compensation-Responsability Dilemma," UFAE and IAE Working Papers 335.96, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  2. Pattanaik, Prasanta K. & Xu, Yongsheng, 2000. "On Ranking Opportunity Sets in Economic Environments," Journal of Economic Theory, Elsevier, vol. 93(1), pages 48-71, July.
  3. Maskin, Eric, 1978. "A Theorem on Utilitarianism," Review of Economic Studies, Wiley Blackwell, vol. 45(1), pages 93-96, February.
  4. Serge-Christophe Kolm, 2004. "Liberty and distribution: Macrojustice from social freedom," Social Choice and Welfare, Springer, vol. 22(1), pages 113-145, 02.
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