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Rational Evaluation of Actions Under Complete Uncertainty

This work analyzes the problem of individual choice of actions under complete uncertainty. In this context, each action consists of a set of di erent possible outcomes with no probability distribution associated with them. The work examines and de nes a class of choice procedures in which: a): the evaluation of sets (actions) is element- induced; and b): certain assumption of rationality, which is an adaptation of Sen's condition, is satis ed. Some results of characterization show that different well-known rules can be reinterpreted as particular cases within the de ned class, each of them responding to di erent attitudes towards uncertainty by the agent.

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File URL: ftp://ftp.econ.unavarra.es/pub/DocumentosTrab/DT0114.PDF
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Paper provided by Departamento de Economía - Universidad Pública de Navarra in its series Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra with number 0114.

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Length: 46 pages
Date of creation: 2001
Date of revision:
Publication status: Published in
Handle: RePEc:nav:ecupna:0114
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  1. Bossert, Walter, 1997. "Uncertainty aversion in nonprobabilistic decision models," Mathematical Social Sciences, Elsevier, vol. 34(3), pages 191-203, October.
  2. Nitzan, Shmuel I. & Pattanaik, Prasanta K., 1984. "Median-based extensions of an ordering over a set to the power set: An axiomatic characterization," Journal of Economic Theory, Elsevier, vol. 34(2), pages 252-261, December.
  3. Holzman, Ron, 1984. "An extension of Fishburn's theorem on extending orders," Journal of Economic Theory, Elsevier, vol. 32(1), pages 192-196, February.
  4. Wulf Gaertner & Yongsheng Xu,, . "On the Structure of Choice Under Different External References," Discussion Papers 97/19, University of Nottingham, School of Economics.
  5. Bandyopadhyay, Taradas, 1988. "Extension of an order on a set to the power set: some further observations," Mathematical Social Sciences, Elsevier, vol. 15(1), pages 81-85, February.
  6. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  7. Fishburn, Peter C., 1984. "Comment on the Kannai-Peleg impossibility theorem for extending orders," Journal of Economic Theory, Elsevier, vol. 32(1), pages 176-179, February.
  8. Wulf Gaertner & Yongsheng Xu, 1999. "On rationalizability of choice functions: A characterization of the median," Social Choice and Welfare, Springer, vol. 16(4), pages 629-638.
  9. Prasanta K. Pattanaik & Yongsheng Xu & Walter Bossert, 2000. "Choice under complete uncertainty: axiomatic characterizations of some decision rules," Economic Theory, Springer, vol. 16(2), pages 295-312.
  10. Baigent, Nick & Gaertner, Wulf, 1996. "Never Choose the Uniquely Largest: A Characterization," Economic Theory, Springer, vol. 8(2), pages 239-49, August.
  11. Barbera, Salvador & Pattanaik, Prasanta K., 1984. "Extending an order on a Set to the power set: Some remarks on Kannai and Peleg's approach," Journal of Economic Theory, Elsevier, vol. 32(1), pages 185-191, February.
  12. Heiner, Ronald A. & Packard, Dennis J., 1984. "A uniqueness result for extending orders; with application to collective choice as inconsistency resolution," Journal of Economic Theory, Elsevier, vol. 32(1), pages 180-184, February.
  13. Sen, Amartya, 1993. "Internal Consistency of Choice," Econometrica, Econometric Society, vol. 61(3), pages 495-521, May.
  14. Bossert, W., 1993. "Preference Extention Rules for Ranking Sets of Alternatives with a Fixed Cardinalty," Working Papers 9308, University of Waterloo, Department of Economics.
  15. Bossert, Walter, 1989. "On the extension of preferences over a set to the power set: An axiomatic characterization of a quasi-ordering," Journal of Economic Theory, Elsevier, vol. 49(1), pages 84-92, October.
  16. Kannai, Yakar & Peleg, Bezalel, 1984. "A note on the extension of an order on a set to the power set," Journal of Economic Theory, Elsevier, vol. 32(1), pages 172-175, February.
  17. Cohen, Michele & Jaffray, Jean-Yves, 1980. "Rational Behavior under Complete Ignorance," Econometrica, Econometric Society, vol. 48(5), pages 1281-99, July.
  18. Gardenfors, Peter, 1976. "Manipulation of social choice functions," Journal of Economic Theory, Elsevier, vol. 13(2), pages 217-228, October.
  19. Barbera, S. & Barrett, C. R. & Pattanaik, Prasanta K., 1984. "On some axioms for ranking sets of alternatives," Journal of Economic Theory, Elsevier, vol. 33(2), pages 301-308, August.
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