Robust satisficing and the probability of survival

Yakov Ben-Haim

International Journal of Systems Science, 2014, vol. 45, issue 1, 3-19

Abstract: Concepts of robustness are sometimes employed when decisions under uncertainty are made without probabilistic information. We present a theorem that establishes necessary and sufficient conditions for non-probabilistic robustness to be equivalent to the probability of satisfying the specified outcome requirements. When this holds, probability is enhanced (or maximised) by enhancing (or maximising) robustness. Two further theorems establish important special cases. These theorems have implications for success or survival under uncertainty. Applications to foraging and finance are discussed.

Date: 2014
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DOI: 10.1080/00207721.2012.684906

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