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We present and axiomatize several update rules for probabilities (and preferences) where there is no unique additive prior. In the context of non-additive probabilities we define and axiomatize Bayesian update rules; in the context of multiple (additive) priors we define maximum likelihood...
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This paper studies some new properties of set functions (and, in particular, "non-additive probabilities" or "capacities") and the Choquet integral with respect to such functions, in the case of a finite domain. We use an isomorphism between non-additive measures on the original space (of states...
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The representation of a cooperative transferable utility game as a linear combination of unanimity games may be viewed as an isomorphism between not-necessarily additive set functions on the players space and additive ones on the coalitions space. We extend the unanimity-basis representation to...
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This paper suggests that view that decision-making under uncertainty is, at least party, case-based. We propose a model in which cases are assumed as primitives, and provide a simple axiomatization of a decision rules which chooses a "best" act based on its past performance in "similar" cases....
Persistent link: https://www.econbiz.de/10012235808
The neo-classical theory of consumer behavior, while a powerful tool, suffers from some well-known flaws. Specifically, it assumes a highly, often unrealistically rational utility-maximizing consumer and sheds little light on the dynamic nature of consumption decisions. In this paper we make...
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