Decision Theory with Higher Order
ثبت نشده
چکیده
In existing models of decision under uncertainty where the decision maker may have multiple beliefs (vague beliefs) the different beliefs are not distinguished by their degree of reliability. This paper extends the model of vague beliefs in this direction: the decision maker may have multiple beliefs, but also has a complete order over them (a belief over his own beliefs, or higher order beliefs). We characterize the complete orders over acts which can be held by a decision maker with higher order beliefs. S tandard expected utility theory is a special case of the representation we present.
منابع مشابه
Risk premiums and certainty equivalents of loss-averse newsvendors of bounded utility
Loss-averse behavior makes the newsvendors avoid the losses more than seeking the probable gains as the losses have more psychological impact on the newsvendor than the gains. In economics and decision theory, the classical newsvendor models treat losses and gains equally likely, by disregarding the expected utility when the newsvendor is loss-averse. Moreover, the use of unbounded utility to m...
متن کاملA multi agent method for cell formation with uncertain situation, based on information theory
This paper assumes the cell formation problem as a distributed decision network. It proposes an approach based on application and extension of information theory concepts, in order to analyze informational complexity in an agent- based system, due to interdependence between agents. Based on this approach, new quantitative concepts and definitions are proposed in order to measure the amount of t...
متن کاملFree Vibration and Buckling Analysis of Sandwich Panels with Flexible Cores Using an Improved Higher Order Theory
In this paper, the behavior of free vibrations and buckling of the sandwich panel with a flexible core was investigated using a new improved high-order sandwich panel theory. In this theory, equations of motion were formulated based on shear stresses in the core. First-order shear deformation theory was applied for the procedures. In this theory, for the first time, incompatibility problem of...
متن کاملCooperative network flow problem with pricing decisions and allocation of benefits: A game theory approach
Several real problems in telecommunication, transportation, and distribution industries can be well analyzed by network flow models. In revenue management, pricing plays a primary role which increases the profit generated from a limited supply of assets. Pricing decision directly affects the amount of service or product demand. Hence, in traditional maximum flow problem, we assume that the dema...
متن کاملHygrothermal Analysis of Laminated Composite Plates by Using Efficient Higher Order Shear Deformation Theory
Hygrothermal analysis of laminated composite plates has been done by using an efficient higher order shear deformation theory. The stress field derived from hygrothermal fields must be consistent with total strain field in this type of analysis. In the present formulation, the plate model has been implemented with a computationally efficient C0 finite element developed by using consistent strai...
متن کاملThermal Vibration of Composites and Sandwich Laminates Using Refined Higher Order Zigzag Theory
Vibration of laminated composite and sandwich plate under thermal loading is studied in this paper. A refined higher order theory has been used for the purpose. In order to avoid stress oscillations observed in the implementation of a displacement based finite element, the stress field derived from temperature (initial strains) have been made consistent with total strain field. So far no study ...
متن کامل