منابع مشابه
Second-Order Expected Utility
We present two axiomatizations of the Second-Order Expected Utility model in the context of the standard models of choice under uncertainty.
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In decision analysis maximising the expected utility is an often used approach in choosing the optimal alternative. But when probabilities and utilities are vague or imprecise expected utility is fraught with complications. Studying secondorder effects on decision analysis casts light on the importance of the structure of decision problems, pointing out some pitfalls in decision making and sugg...
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We consider the problem of maximizing expected utility when utilities and probabilities are given by discrete probability distributions so that expected utility is a discrete stochastic variable. As for discrete second-order distributions, that is probability distributions where the variables are themselves probabilities, the multinomial family is a reasonable choice at least if first-order pro...
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Expected utility functions are limited to second-order (conditional) risk aversion, while non-expected utility functions can exhibit either rst-order or second-order (conditional) risk aversion. We extend the concept of orders of conditional risk aversion to orders of conditional dependent risk aversion. We show that rst-order conditional dependent risk aversion is consistent with the framewo...
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Intelligent agents often need to assess user utility functions in order to make decisions on their behalf, or predict their behavior. When uncertainty exists over the precise nature of this utility function, one can model this uncertainty using a distribution over utility functions. This view lies at the core of games with incomplete information and, more recently, several proposals for increme...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.2328936