Uncertainty with Ordinal Likelihood Information

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

Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra from Departamento de Economía - Universidad Pública de Navarra

Abstract: This paper proposes a new framework of choice under uncertainty, where the only information available to the decision maker is about the the ordinal likelihood of the di erent outcomes each action generates. This contrasts both with the classical models where the potential out- comes of each action have an associated probability distribution, and with the more recent complete uncertainty models, where the agent has no information whatever about the probability of the outcomes, even of an ordinal nature. We present an impossibility result in our framework, and some ways to circumvent it that result indiferent ranking rules.

Keywords: Uncertainty; Ordinal Likelihood; Nonprobabilistic models; Complete Uncertainty (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Pages: pages
Date: 2007
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Journal Article: Uncertainty with ordinal likelihood information (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:nav:ecupna:0704

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