Título: Relative Uncertainty and Additively Representable Set Rankings
Autores: BOSSERT, Walter
SLINKO, Arkadii
Fecha: 2006-09-22
2006-09-22
2004
Publicador: Université de Montreal
Fuente:
Tipo: Article
Tema: Choice under complete uncertainty
uncertainty aversion
additive representability
[JEL:D81] Microeconomics - Information, Knowledge, and Uncertainty - Criteria for Decision-Making under Risk and Uncertainty
[JEL:D81] Microéconomie - Information et incertain - Critères de prise de décision sous le risque et l'incertain
Descripción: This paper proposes a definition of relative uncertainty aversion for decision models under complete uncertainty. It is shown that, for a large class of decision rules characterized by a set of plausible axioms, the new criterion yields a complete ranking of those rules with respect to the relative degree of uncertainty aversion they represent. In addition, we address a combinatorial question that arises in this context, and we examine conditions for the additive representability of our rules.
Idioma: No aplica