Relative Uncertainty Aversion and Additively Representable Set Rankings
This paper proposes a definition of relative uncertainty aversion for decision models under complete uncertainty. It is shown that, for a large class of decision rules characterized by a set of plausible axioms, the new criterion yields a complete ranking of those rules with respect to the relative degree of uncertainty aversion they represent. In addition, we address a combinatorial question that arises in this context, and we examine conditions for the additive representability of our rules.
|Date of creation:||2004|
|Date of revision:|
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- Barbera, S. & Bossert, W. & Pattanaik, P.K., 2001.
"Ranking Sets of Objects,"
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2001-02, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
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