Utility in Case-Based Decision Theory

Itzhak Gilboa, David Schmeidler and Peter Wakker

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Abstract: This paper provides two axiomatic derivations of a case-baseddecision rule. Each axiomatization shows that, if preference orders over available acts in various contexts satisfy certain consistency requirements, then these orders can be numerically represented by maximization of a similarity-weighted utility function. In each axiomatization, both the similarity function and the utility function are simultaneously derived from preferences, and the axiomatic derivation also suggests a way to elicit these theoretical concepts from in-principle observable preferences. The two axiomatizations differ in the type of decisions that they assume as data.

Keywords: decision under uncertainty; case-based decision theory (search for similar items in EconPapers)
Date: 2002-08
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Citations: View citations in EconPapers (28)

Published in Journal of Economic Theory, 2002, vol. 105, issue 2, pp. 483-502. ⟨10.1006/jeth.2001.2858⟩

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Journal Article: Utility in Case-Based Decision Theory (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00752278

DOI: 10.1006/jeth.2001.2858

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