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

Nicolas Gravel (), Thierry Marchant and Arunava Sen

Journal of Mathematical Economics, 2018, vol. 78, issue C, 79-95

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 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (6)

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Related works:
Working Paper: 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)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:78:y:2018:i:c:p:79-95

DOI: 10.1016/j.jmateco.2018.08.001

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