Fuzzy expected utility

Bernadette Mathieu
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Bernadette Mathieu: IME - Institut de mathématiques économiques - UB - Université de Bourgogne

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Abstract: Decision making under uncertainty requires not only measures of the uncertainty of situations that we try to recognize , but also an estimate of the imprecision from which they are determined. This imprecision can be the result either of a lack of exactness in the measure of the elements which are necessary to the determination of the states of nature or the purely subjective interpretation of these states. Through a subjective measure of the non-measurable imprecision, the purpose of the fuzzy expected utility, which is investigated, is to translate with a great accuracy the imprecise behaviour of the decision-maker in an uncertain world. Consequently we propose to introduce first the probability of a fuzzy subset, or fuzzy event, to the theory of fuzzy utility, also called "fuzzy stochastic utility".

Keywords: Decision making; Fuzzy (search for similar items in EconPapers)
Date: 1984-06
Note: View the original document on HAL open archive server: https://hal.science/hal-01542423v1
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Published in [Research Report] Institut de mathématiques économiques (IME). 1984, 16 p., bibliographie

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