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Uncertainty Aversion in Nonprobabilistic Decision Models

Author

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  • Bossert, W.

Abstract

This paper proposes a definition of uncertainty aversion for nonprobabilistic decision models and characterizes the decision rules that are uncertainty averses in that sense. Dual results are obtained for uncertainty appeal and it is shown that imposing an uncertainty neutrality condition leads to an impossibility result.

Suggested Citation

  • Bossert, W., 1996. "Uncertainty Aversion in Nonprobabilistic Decision Models," Working Papers 9609, University of Waterloo, Department of Economics.
    • Handle: RePEc:wat:wpaper:9609
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    Cited by:

    1. is not listed on IDEAS
    2. Barbera, S. & Bossert, W. & Pattanaik, P.K., 2001. "Ranking Sets of Objects," Cahiers de recherche 2001-02, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
    3. Sebastian Bervoets, 2010. "An axiomatic approach to predictability of outcomes in an interactive setting," Theory and Decision, Springer, vol. 68(3), pages 311-323, March.
    4. Ritxar Arlegi, 2001. "Rational Evaluation of Actions Under Complete Uncertainty," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 0114, Departamento de Economía - Universidad Pública de Navarra.
    5. repec:spo:wpmain:info:hdl:2441/eu4vqp9ompqllr09iepso50rh is not listed on IDEAS
    6. Congar, Ronan & Maniquet, François, 2010. "A trichotomy of attitudes for decision-making under complete ignorance," Mathematical Social Sciences, Elsevier, vol. 59(1), pages 15-25, January.
    7. Bossert, Walter, 2000. "Opportunity sets and uncertain consequences1," Journal of Mathematical Economics, Elsevier, vol. 33(4), pages 475-496, May.
    8. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09iepso50rh is not listed on IDEAS
    9. Crès, Hervé & Gilboa, Itzhak & Vieille, Nicolas, 2011. "Aggregation of multiple prior opinions," Journal of Economic Theory, Elsevier, vol. 146(6), pages 2563-2582.

    More about this item

    Keywords

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    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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