Conditional expected utility criteria for decision making under ignorance or objective ambiguity

Authors

Nicolas Gravel, Aix Marseille Université
Thierry Marchant, Universiteit Gent
Arunava Sen, Indian Statistical Institute (Delhi Centre)

Article Type

Research Article

Publication Title

Journal of Mathematical Economics

Abstract

We provide an axiomatic characterization of a family of criteria for ranking completely uncertain and/or ambiguous decisions. A completely uncertain decision is described by the set of all its consequences (assumed to be finite). An ambiguous decision is described as a set of possible probability distributions over a set of prizes. Every criterion in the family compares sets on the basis of their conditional expected utility, for some “likelihood” function taking strictly positive values and some utility function both having the universe of alternatives as their domain.

First Page

79

Last Page

95

DOI

10.1016/j.jmateco.2018.08.001

Publication Date

10-1-2018

Comments

All Open Access, Green

Recommended Citation

Gravel, Nicolas; Marchant, Thierry; and Sen, Arunava, "Conditional expected utility criteria for decision making under ignorance or objective ambiguity" (2018). Journal Articles. 1211.
https://digitalcommons.isical.ac.in/journal-articles/1211