Case-Based Decision Theory

Itzhak Gilboa and David Schmeidler

Post-Print from HAL

Abstract: This paper suggests that decision-making under uncertainty is, at least partly, case-based. We propose a model in which cases are primitive, and provide a simple axiomatization of a decision rule that chooses a "best" act based on its past performance in similar cases. Each act is evaluated by the sum of the utility levels that resulted from using this act in past cases, each weighted by the similarity of that past case to the problem at hand. The formal model of case-based decision theory naturally gives rise to the notions of satisficing decisions and aspiration levels.

Keywords: Case-Based; Decision; Theory (search for similar items in EconPapers)
Date: 1995-08
References: Add references at CitEc
Citations: View citations in EconPapers (226)

Published in Quarterly Journal of Economics, 1995, Vol.110, n°3, pp. 605-639. ⟨10.2307/2946694⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Case-Based Decision Theory (1995)
Working Paper: Case-Based Decision Theory (1992)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00753144

DOI: 10.2307/2946694

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().