Decision making with imprecise probabilistic information
نویسندگان
چکیده
منابع مشابه
Decision Making with Imprecise Probabilistic Information
We develop an axiomatic approach to decision under uncertainty that explicitly takes into account the information available to the decision maker. The information is described by a set of priors and a reference prior. We define a notion of imprecision for this informational setting and show that a decision maker who is averse to information imprecision maximizes the minimum expected utility com...
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Orthodox Bayesian decision theory requires an agent’s beliefs representable by a real-valued function, ideally a probability function. Many theorists have argued this is too restrictive; it can be perfectly reasonable to have indeterminate degrees of belief. So doxastic states are ideally representable by a set of probability functions. One consequence of this is that the expected value of a ga...
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Coherent imprecise probabilistic beliefs are modelled as incomplete comparative likelihood relations admitting a multiple-prior representation. Under a structural assumption of Equidivisibility, we provide an axiomatization of such relations and show uniqueness of the representation. In the second part of the paper, we formulate a behaviorally general axiom relating preferences and probabilisti...
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This paper examines methods of decision making that are able to accommodate limitations on both the form in which uncertainty pertaining to a deci sion problem can be realistically represented and the amount of computing time available before a deci sion must be made. The methods are anytime algo "_th� in the sense of Boddy and Dean [1989] . Tech Diques are presented for use with Frisch and...
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ژورنال
عنوان ژورنال: Journal of Mathematical Economics
سال: 2004
ISSN: 0304-4068
DOI: 10.1016/j.jmateco.2003.06.004