Conditional expected utility criteria for decision making under ignorance or objective ambiguity

Nicolas Gravel (), Thierry Marchant and Arunava Sen

Post-Print from HAL

Abstract: We provide an axiomatic characterization of a family of criteria for ranking completely uncertain and/or ambiguous decisions. A completely uncertain decision is described by the set of all its consequences (assumed to be finite). An ambiguous decision is described as a set of possible probability distributions over a set of prizes. Every criterion in the family compares sets on the basis of their conditional expected utility , for some "likelihood" function taking strictly positive values and some utility function both having the universe of alternatives as their domain.

Keywords: Ignorance; Ambiguity; Conditional Probabilities; Expected Utility; Ranking Sets; axioms JEL classification numbers: D80; D81 (search for similar items in EconPapers)
Date: 2018-10
New Economics Papers: this item is included in nep-mic and nep-upt
Note: View the original document on HAL open archive server: https://amu.hal.science/hal-01988972v1
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Published in Journal of Mathematical Economics, 2018, 78, pp.79-95. ⟨10.1016/j.jmateco.2018.08.001⟩

Downloads: (external link)
https://amu.hal.science/hal-01988972v1/document (application/pdf)

Related works:
Journal Article: Conditional expected utility criteria for decision making under ignorance or objective ambiguity (2018)
Working Paper: Conditional Expected Utility Criteria for Decision Making under Ignorance or Objective Ambiguity (2016)
Working Paper: Conditional Expected Utility Criteria for Decision Making under Ignorance or Objective Ambiguity (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01988972

DOI: 10.1016/j.jmateco.2018.08.001

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().