Entscheidungskalküle jenseits des subjektiven Erwartungsnutzens

Hagen Lindstädt ()
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Hagen Lindstädt: Leipzig Graduate School of Management - Handelshochschule Leipzig

Schmalenbach Journal of Business Research, 2004, vol. 56, issue 6, 495-519

Abstract: Summary Starting point are the well-known empirical violations of axioms of Bernoulli Rationality and the discussion about its prescriptive exclusivity. The paper classifies non-expected utility models into categories which are suitable to model different kinds of violations, depending on whether they follow either Allais or Ellsberg. The argument is brought forward that a modification of Hurwicz’s Criterion is a good compromise, provided that lower and upper probabilities exist: the model is axiomatically founded, practicable — that means simply applicable, clearly interpretable and compatible with expected utility — and allows the modelling of an important class of descriptive violations. The new aspects of the article are firstly a frame of reference for the use of the models depending on the type of violation. Secondly, an axiomatic bracing of the modified Hurwicz Criterion is given by characterizing it as a special case of the Choquet expected utility when lower and upper state-probabilities occur. Thirdly, for these probabilities a clear interpretation is given within the classic probability framework.

Keywords: D80; D81; Ambiguity; Decision-Making Under Uncertainty; Hurwicz Criterion; Lower and Upper Probabilities; Non-Expected Utility Theories; Ambiguität; Entscheidungen unter Unsicherheit; Hurwicz-Kriterium; Nichterwartungsnutzentheorien; Untere und Obere Wahrscheinlichkeiten (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1007/BF03372747

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