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Simple Characterization of the Hurwicz Criterium under Uncertainty

Alain Chateauneuf (), Caroline Ventura () and Vassili Vergopoulos ()
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Alain Chateauneuf: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, IPAG Business School
Caroline Ventura: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
Vassili Vergopoulos: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: Schmeidler [1986], [1989] famously used his nonadditive probability model to describe a decision-maker's uncertainty aversion and/or uncertainty loving. This short note illustrates how nonadditive probability can also be used to obtain a simple characterization of the Hurwicz criterium, where the decision-maker has a balanced attitude towards uncertainty, intermediate between full aversion and full loving.

Keywords: schmeidler's model; Hurwicz criterium; Aversion and attraction with respect to uncertainty (search for similar items in EconPapers)
Date: 2020
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-02974245
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Published in Revue Economique, Presses de Sciences Po, 2020, Special issue dedicated to David Schmeidler, 71 (2), pp.331-336

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