منابع مشابه
Decomposable Choice under Uncertainty
Savage motivated his sure thing principle by arguing that, whenever an act would be preferred if an event obtains and preferred if that event did not obtain, it should be preferred overall. The ability to decompose and recompose decision problems in this way has normative appeal. It does not, however, require the full separability embodied in Savage's axiom. We formulate a weaker axiom that suf...
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It is not unusual in real-life that one has to choose among nitely many alternatives when the merits of each alternative are not perfectly known. A natural rule is then to choose the alternative which looksbest. We show that a version of the monotone likelihood ratio property is su¢ cient, and also essentially necessary, for this decision rule to be optimal. We also analyze how the precision...
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This thesis presents and analyzes the result of experiments including small decision problems. In the experiments, subjects are asked to choose one of two alternatives for a few thousand times. Two experiments are conducted. First experiment, where payoff structure is clearly told, is carried out in order to explore choice under uncertainty by examining whether expected utility theory holds or ...
متن کاملCoherent choice functions under uncertainty
We discuss several features of coherent choice functions – where the admissible options in a decision problem are exactly those which maximize expected utility for some probability/utility pair in fixed set S of probability/utility pairs. In this paper we consider, primarily, normal form decision problems under uncertainty – where only the probability component of S is indeterminate. Coherent c...
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This paper uses data from an actual fishery to construct a tractable, dynamic model to compare expected profit and its variance, optimal stock size, optimal harvest rate, and optimal fishing effort under different management regimes under uncertainty. The results provide a comparison of instrument choice between a total harvest control and a total effort control under uncertainty, an original m...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2000
ISSN: 0022-0531
DOI: 10.1006/jeth.2000.2644