Rank Dependent Weighted Average Utility Models for Decision Making under Ignorance or Objective Ambiguity
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22 octobre 2022
- handle: 10670/1.zc3uiz
- hal: hal-03817362
info:eu-repo/semantics/OpenAccess
Mots-clés
Ignorance Ambiguity Ranking Sets Axioms Ranks Weights Utility D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D80 - General D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D81 - Criteria for Decision-Making under Risk and UncertaintySujets proches
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Nicolas Gravel et al., « Rank Dependent Weighted Average Utility Models for Decision Making under Ignorance or Objective Ambiguity », HAL-SHS : économie et finance, ID : 10670/1.zc3uiz
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Résumé
The paper provides an axiomatic characterization of a family of rank dependent weighted average utility criteria applicable to decisions under ignorance or objective ambiguity. A decision under ignorance is described by the finite set of its final consequences while a decision under objective ambiguity is described by a finite set of probability distributions over a set of final consequences. The criteria characterized are those that assign to every element in a set a weight that depends upon the rank of this element if it was available for sure (or non-ambiguously) and that compare sets on the basis of their weighted utility for some utility function. A specific subfamily of these criteria that requires the weights to be proportional to each other is also characterized.