| Abstract: | This paper provides an axiomatic approach to the problem of ranking opportunity sets with respect to the degree of uncertainty regarding possible consequences of the available actions. In many choice situations, the items that can be selected from a menu of possible choices (the objects of choice) do not coincide with the consequences they induce (the objects a decision-maker ultimately cares about). Thus, uncertainty regarding the consequences of the choices may be present. Two orderings that rank menus on the basis of the degree of uncertainty they represent are characterized. |
