Ranking Completely Uncertain Decisions by the Uniform Expected Utility Criterion

Nicolas Gravel (), Thierry Marchant () and Arunava Sen

No 705, IDEP Working Papers from Institut d'economie publique (IDEP), Marseille, France

Abstract: We provide an axiomatic characterization of a family of criteria for ranking completely uncertain decisions. A completely uncertain decision is described by the set of all its consequences (assumed to be finite). Each of the criterions characterized can be thought of as assigning to all consequences of a decision an equal probability of occurrence and as comparing decisions on the basis of the expected utility of their consequences for some utility function.

Keywords: Complete Uncertainty; Ignorance; Ranking Sets; Probability; Expected Utility of their Consequences for Some Utility Function. (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-pbe
Date: 2007-07-12, Revised 2007-07-12
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Persistent link: http://EconPapers.repec.org/RePEc:iep:wpidep:0705

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