Rational Evaluation of Actions Under Complete Uncertainty

Ritxar Arlegi ()
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Ritxar Arlegi: Departamento de Economía-UPNA, https://www.unavarra.es/departamento-economia

No 114, Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra from Departamento de Economía - Universidad Pública de Navarra

Abstract: This work analyzes the problem of individual choice of actions under complete uncertainty. In this context, each action consists of a set of di erent possible outcomes with no probability distribution associated with them. The work examines and de nes a class of choice procedures in which: a): the evaluation of sets (actions) is element- induced; and b): certain assumption of rationality, which is an adaptation of Sen's condition, is satis ed. Some results of characterization show that different well-known rules can be reinterpreted as particular cases within the de ned class, each of them responding to di erent attitudes towards uncertainty by the agent.

Keywords: Choice; Under; Complete; Uncertainty.; Element-induced; Rules (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Pages: 46 pages
Date: 2001
New Economics Papers: this item is included in nep-dcm and nep-ent
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Citations: View citations in EconPapers (1)

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