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Analogy in Decision-Making


  • AMARANTE, Massimiliano


In the context of decision making under uncertainty, we formalize the concept of analogy: an analogy between two decision problems is a mapping that transforms one problem into the other while preserving the problem's structure. We identify the basic structure of a decision problem, and provide a representation of the mappings that preserve this structure. We then consider decision makers who use multiple analogies. Our main results are a representation theorem for "aggregators" of analogies satisfying certain minimal requirements, and the identification of preferences emerging from analogical reasoning. We show that a large variety of multiple-prior preferences can be thought of as emerging from analogical reasoning.

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  • AMARANTE, Massimiliano, 2009. "Analogy in Decision-Making," Cahiers de recherche 14-2009, Centre interuniversitaire de recherche en ├ęconomie quantitative, CIREQ.
  • Handle: RePEc:mtl:montec:14-2009

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    References listed on IDEAS

    1. Chambers, Christopher P., 2007. "Ordinal aggregation and quantiles," Journal of Economic Theory, Elsevier, vol. 137(1), pages 416-431, November.
    2. Ghirardato, Paolo & Maccheroni, Fabio & Marinacci, Massimo, 2004. "Differentiating ambiguity and ambiguity attitude," Journal of Economic Theory, Elsevier, vol. 118(2), pages 133-173, October.
    3. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
    4. Amarante, Massimiliano, 2009. "Foundations of neo-Bayesian statistics," Journal of Economic Theory, Elsevier, vol. 144(5), pages 2146-2173, September.
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    Cited by:

    1. Dumav, Martin & Stinchcombe, Maxwell B., 2014. "The von Neumann/Morgenstern approach to ambiguity," Center for Mathematical Economics Working Papers 480, Center for Mathematical Economics, Bielefeld University.

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