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Conditional expected utility criteria for decision making under ignorance or objective ambiguity

Nicolas Gravel (), Thierry Marchant () and Arunava Sen

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Abstract: We provide an axiomatic characterization of a family of criteria for ranking completely uncertain and/or ambiguous decisions. A completely uncertain decision is described by the set of all its consequences (assumed to be finite). An ambiguous decision is described as a set of possible probability distributions over a set of prizes. Every criterion in the family compares sets on the basis of their conditional expected utility , for some "likelihood" function taking strictly positive values and some utility function both having the universe of alternatives as their domain.

Keywords: Ignorance; Ambiguity; Conditional Probabilities; Expected Utility; Ranking Sets; axioms JEL classification numbers: D80; D81 (search for similar items in EconPapers)
Date: 2018-10
New Economics Papers: this item is included in nep-mic and nep-upt
Note: View the original document on HAL open archive server: https://hal-amu.archives-ouvertes.fr/hal-01988972
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Published in Journal of Mathematical Economics, Elsevier, 2018, 78, pp.79-95. ⟨10.1016/j.jmateco.2018.08.001⟩

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Related works:
Journal Article: Conditional expected utility criteria for decision making under ignorance or objective ambiguity (2018) Downloads
Working Paper: Conditional Expected Utility Criteria for Decision Making under Ignorance or Objective Ambiguity (2016) Downloads
Working Paper: Conditional Expected Utility Criteria for Decision Making under Ignorance or Objective Ambiguity (2016) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01988972

DOI: 10.1016/j.jmateco.2018.08.001

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