Simple Characterization of the Hurwicz Criterium under Uncertainty

Alain Chateauneuf, Caroline Ventura () and Vassili Vergopoulos ()
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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 - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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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
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Published in Revue Economique, 2020, Special issue dedicated to David Schmeidler, 71 (2), pp.331-336. ⟨10.3917/reco.712.033⟩

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Related works:
Journal Article: A Simple Characterization of the Hurwicz Criterium under Uncertainty (2020)
Working Paper: Simple Characterization of the Hurwicz Criterium under Uncertainty (2020)
Working Paper: Simple Characterization of the Hurwicz Criterium under Uncertainty (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02974245

DOI: 10.3917/reco.712.033

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