Choice under complete uncertainty: axiomatic characterizations of some decision rules |
| |
| Authors: | Walter Bossert Prasanta K. Pattanaik Yongsheng Xu |
| |
| Affiliation: | (1) Department of Economics, University of Nottingham, Nottingham NG7 2RD, UK (e-mail: lezwb@unix.ccc.nottingham.ac.uk) , GB;(2) Department of Economics, University of California, Riverside, CA 92521, USA (e-mail: ppat@ucrac1.ucr.edu) , US;(3) Department of Economics, Andrew Young School of Economics, Georgia State University,Atlanta, GA 30303, USA (e-mail: yxu3@gsu.edu) , US;(4) Department of Economics, University of Nottingham, Nottingham NG7 2RD, UK , GB |
| |
| Abstract: | Summary. We provide characterizations of four new rules for individual decision-making under complete uncertainty. They are what we call the min-max rule, the max-min rule, the lexicographic min-max rule and the lexicographic max-min rule. These rules provide orderings of the sets of possible outcomes associated with uncertain prospects. They provide significant alternatives to commonly-used rules that focus on worst outcomes or best outcomes only, and lexicographic versions of those rules. Received: August 20, 1998; revised version: November 3, 1999 |
| |
| Keywords: | and Phrases:Complete uncertainty Nonprobabilistic decision rules. |
| 本文献已被 SpringerLink 等数据库收录！ |
|
