Choice under complete uncertainty: axiomatic characterizations of some decision rules

Prasanta K. Pattanaik (), Yongsheng Xu and Walter Bossert
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Prasanta K. Pattanaik: Department of Economics, University of California, Riverside, CA 92521, USA

Economic Theory, 2000, vol. 16, issue 2, 295-312

Abstract: We provide characterizations of four new rules for individual decision-making under complete uncertainty. They are what we call the min-max rule, the max-min rule, the lexicographic min-max rule and the lexicographic max-min rule. These rules provide orderings of the sets of possible outcomes associated with uncertain prospects. They provide significant alternatives to commonly-used rules that focus on worst outcomes or best outcomes only, and lexicographic versions of those rules.

Keywords: Complete uncertainty; Nonprobabilistic decision rules. (search for similar items in EconPapers)
Date: 2000-07-14
Note: Received: August 20, 1998; revised version: November 3, 1999
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