IDEAS home Printed from https://ideas.repec.org/p/wat/wpaper/9609.html
   My bibliography  Save this paper

Uncertainty Aversion in Nonprobabilistic Decision Models

Author

Listed:
  • 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
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Bossert Walter & Pattanaik Prasanta K. & Xu Yongsheng, 1994. "Ranking Opportunity Sets: An Axiomatic Approach," Journal of Economic Theory, Elsevier, vol. 63(2), pages 326-345, August.
    2. Cohen, Michele & Jaffray, Jean-Yves, 1980. "Rational Behavior under Complete Ignorance," Econometrica, Econometric Society, vol. 48(5), pages 1281-1299, July.
    3. 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.
    4. 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.
    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. Gilboa, Itzhak, 1987. "Expected utility with purely subjective non-additive probabilities," Journal of Mathematical Economics, Elsevier, vol. 16(1), pages 65-88, February.
    7. Hong, Chew Soo & Karni, Edi & Safra, Zvi, 1987. "Risk aversion in the theory of expected utility with rank dependent probabilities," Journal of Economic Theory, Elsevier, vol. 42(2), pages 370-381, August.
    8. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-587, May.
    9. 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.
    10. Wakker, Peter, 1989. "Continuous subjective expected utility with non-additive probabilities," Journal of Mathematical Economics, Elsevier, vol. 18(1), pages 1-27, February.
    11. 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.
    12. 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.
    13. Fishburn, Peter C., 1992. "Signed orders and power set extensions," Journal of Economic Theory, Elsevier, vol. 56(1), pages 1-19, February.
    14. Holzman, Ron, 1984. "An extension of Fishburn's theorem on extending orders," Journal of Economic Theory, Elsevier, vol. 32(1), pages 192-196, February.
    15. Wakker, Peter, 1990. "Characterizing optimism and pessimism directly through comonotonicity," Journal of Economic Theory, Elsevier, vol. 52(2), pages 453-463, December.
    16. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Crès, Hervé & Gilboa, Itzhak & Vieille, Nicolas, 2011. "Aggregation of multiple prior opinions," Journal of Economic Theory, Elsevier, vol. 146(6), pages 2563-2582.
    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. 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.
    6. Bossert, Walter, 2000. "Opportunity sets and uncertain consequences1," Journal of Mathematical Economics, Elsevier, vol. 33(4), pages 475-496, May.
    7. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09iepso50rh is not listed on IDEAS

    More about this item

    Keywords

    DECISION MAKING; RISK;

    JEL classification:

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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wat:wpaper:9609. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Pat Gruber). General contact details of provider: http://edirc.repec.org/data/dewatca.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.