Modelling the expert’s preferences in decision-making under complete uncertainty

Decision-making under ordinal preferences and uncertainty

This paper investigates the problem of finding a preference relation on a set of acts from the knowledge of an ordering on events (subsets of states of the world) describing the decision-maker (DM)'s uncertainty and an ordering of consequences of acts, describing the DM's preferences. However, contrary to classical approaches to decision theory, we try to do it without resorting to any numerica...

Decision Making under Uncertainty and the Evolution of Interdependent Preferences

This paper finds support for the evolution of interdependent preferences under natural selection from a (perhaps) surprising source: decision making under uncertainty. Individuals choose from sets of risky alternatives. The lotteries may involve either idiosyncratic risk or aggregate uncertainty or both. Robson (J. Econ. Theory 68 (1996), 397 424) gives the evaluation criterion for lotteries th...

Delegation in decision making under uncertainty. Are preferences incomplete?

In this paper we experimentally document the existence of an unexplored violation of rationality in decision making under uncertainty. In a series of incentivized decision tasks subjects have to choose between risky and ambiguous prospects or state to be indifferent, where the last option effectively means delegating the choice to a fair chance device. We observe that half of the subjects deleg...

Decision-Making under Ordinal Preferences and Comparative Uncertainty

This paper proposes a method that finds a preference relation on a set of acts from the knowledge of an ordering on events describing the decision-maker's uncertainty and an ordering of consequences of acts, describing the decision maker's preferences. However, contrary to classical approaches to decision theory, this method does not resort to any numerical representation of utility nor uncerta...

Decision making under uncertainty