optimal choice (or collection of choices) given this preference relation, there is another preference relation that satisfies … EUOL plus the Savage axioms, for which this choice is also optimal. -- ambiguity ; decision theory ; Knightian uncertainty …

choice the DM can make) can also be rationalized by the DM maximizing her subjective expected utility for some subjective …

For choice with deterministic consequences, the standard rationality hypothesis is ordinality, i.e., maximization of a … weak preference ordering. For choice under risk (resp. uncertainty), preferences are assumed to be represented by the … objectively (resp. subjectively) expected value of a von Neumann-Morgenstern utility function. For choice under risk, this implies …

contracts. We test this by presenting agents with a choice between comparative reward schemes and independent contracts, which …

A rigorous reconstruction of scenario-based real choice making reveals the incompleteness of decision-modeling and the …