On the confidence preferences model

Alain Chateauneuf and José Heleno Faro
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José Heleno Faro: CEDEPLAR - Centre for Development and Regional Planning - UFMG - Universidade Federal de Minas Gerais = Federal University of Minas Gerais [Belo Horizonte, Brazil]

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Abstract: In this paper we study the model of decision under uncertainty consistent with confidence preferences. In that model, a decision maker held beliefs represented by a fuzzy set of priors and tastes captured by a standard affine utility index on consequences. First, we find some interesting properties concerning the well-known maxmin expected utility model, taking into account the point of view of the confidence preferences model. Further, we provide new examples of preferences that capture ambiguity-averse attitudes weaker than ambiguity attitudes featured by maxmin expected utility theory. Finally, we discuss the axiomatic foundations for the confidence preferences model with optimistic behavior.

Keywords: Confidence functions; Decision analysis; Economics; Fuzzy priors; Multiple priors model; Nonadditive measures (search for similar items in EconPapers)
Date: 2012-02
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Citations: View citations in EconPapers (2)

Published in Fuzzy Sets and Systems, 2012, 188 (1), pp.1-15. ⟨10.1016/j.fss.2011.08.002⟩

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Working Paper: On the confidence preferences model (2012)
Working Paper: On the confidence preferences model (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00685409

DOI: 10.1016/j.fss.2011.08.002

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