A Graph-based Similarity Function for CBDT: Acquiring and Using New Information

Federico Contiggiani, Fernando Delbianco () and Fernando Tohmé
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Federico Contiggiani: Universidad Nacional de Río Negro

No 146, Working Papers from Red Nacional de Investigadores en Economía (RedNIE)

Abstract: One of the consequences of persistent technological change is that it force individuals to make decisions under extreme uncertainty. This means that traditional decision-making frameworks cannot be applied. To address this issue we introduce a variant of Case-Based Decision Theory, in which the solution to a problem obtains in terms of the distance to previous problems. We formalize this by defining a space based on an orthogonal basis of features of problems. We show how this framework evolves upon the acquisition of new information, namely features or values of them arising in new problems. We discuss how this can be useful to evaluate decisions based on not yet existing data.

Keywords: : Microeconomic Behavior; Decision-Making under Risk and Uncertainty; Case Based Decision Theory (search for similar items in EconPapers)
JEL-codes: D01 D81 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2022-05
New Economics Papers: this item is included in nep-upt
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https://rednie.eco.unc.edu.ar/files/DT/146.pdf (application/pdf)

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Working Paper: A Graph-based Similarity Function for CBDT: Acquiring and Using New Information (2021)
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