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Ranking Completely Uncertain Decisions by the Uniform Expected Utility Criterion

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Abstract

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.

Suggested Citation

  • Nicolas Gravel & Thierry Marchant & Arunava Sen, 2007. "Ranking Completely Uncertain Decisions by the Uniform Expected Utility Criterion," IDEP Working Papers 0705, Institut d'economie publique (IDEP), Marseille, France, revised 12 Jul 2007.
    • Handle: RePEc:iep:wpidep:0705
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    File URL: http://www.idep-fr.org/IMG/document/dt/dt0705.pdf
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    References listed on IDEAS

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    1. 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.
    2. Maniquet, Francois, 1998. "An equal right solution to the compensation-responsibility dilemma," Mathematical Social Sciences, Elsevier, vol. 35(2), pages 185-202, March.
    3. Serge-Christophe Kolm, 2004. "Liberty and distribution: Macrojustice from social freedom," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 22(1), pages 113-145, February.
    4. Eric Maskin, 1978. "A Theorem on Utilitarianism," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 45(1), pages 93-96.
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    Cited by:

    1. Shurojit Chatterji & Arunava Sen, 2011. "Tops-only domains," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 46(2), pages 255-282, February.
    2. Amélie Vrijdags, 2010. "An experimental investigation of transitivity in set ranking," Theory and Decision, Springer, vol. 68(1), pages 213-232, February.

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    More about this item

    Keywords

    Complete Uncertainty; Ignorance; Ranking Sets; Probability; Expected Utility of their Consequences for Some Utility Function.;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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