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Conditional Expected Utility Criteria for Decision Making under Ignorance or Objective Ambiguity

Nicolas Gravel (), Thierry Marchant () and Arunava Sen ()
Additional contact information
Arunava Sen: Indian Statistical Institute, http://www.isid.ac.in/~asen/

No 1614, AMSE Working Papers from Aix-Marseille School of Economics, Marseille, France

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 finite set of possible probability distributions over a finite set of prices. Every criterion in the family compares sets on the basis of their conditional expected utility, for some probability 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 (search for similar items in EconPapers)
JEL-codes: D80 D81 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mic and nep-upt
Date: 2016-06-04, Revised 2016-06-04
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