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Recent work by Bossert, Pattanaik and Xu provides axiomatic characterizations of some decision rules for individual decision making under complete uncertainty. This note shows that, in the case of two of these rules, they do not satisfy one of the axioms used for their characterization. A...
Persistent link: https://www.econbiz.de/10005596632
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 …
Persistent link: https://www.econbiz.de/10005788515
This paper is devoted to the study of how to extend a dichotomous partition of a universal set X into good and bad objects to an ordering on the power set of X. We introduce a family of rules that naturally take into account the number of good objects and the number of bad objects, and provide...
Persistent link: https://www.econbiz.de/10010427514
This paper contributes to the axiomatization of additive rules for ranking sets of objects under the psychological principle of categorization. Firstly we proceed with the case where the elements in the sets are categorized into at most three groups, namely good (with value 1), neutral (with...
Persistent link: https://www.econbiz.de/10010317110
This paper is devoted to the study of how to extend a dichotomous partition of a universal set X into good and bad objects to an ordering on the power set of X. We introduce a family of rules that naturally take into account the number of good objects and the number of bad objects, and provide...
Persistent link: https://www.econbiz.de/10003951595
This paper is devoted to the study of opportunity set comparisons when the characteristics of the options within the sets in question may be ambiguous. We assume that agents display a preference for freedom of choice, but also aversion to the presence of ambiguous options. We propose a suitable...
Persistent link: https://www.econbiz.de/10005688687
. However, this job protection effect is reduced if the expected probability of a setback increases, and if the expected … duration and size of a recession grows. If a severe recession is expected with a high probability the option to wait with …
Persistent link: https://www.econbiz.de/10010265859
awareness-dependent subject expected utility and assigns probability zero to some subsets of states that are not necessarily … events. We discuss in what sense probability zero can model unawareness. …
Persistent link: https://www.econbiz.de/10010282109
In the history of economic thought, Shackle was one of the representative critics about probability based economic … probability. In 1980s, the potential surprise is axiomatized by Katzner as Kolmogorov-styled measure defined on the &#x1d70e …
Persistent link: https://www.econbiz.de/10014480721
The theory of games against nature relies on complete preferences among all conceivable acts (case 1). Aumann and Drèze (Am Econ J Microecon 1(1):116,(2009) consider situations where preferences are defined only for a given set of acts (case 2).We extend these results to situations where (i)...
Persistent link: https://www.econbiz.de/10010317103