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This paper invokes the axiomatic approach to explore the notion of growing awareness in the context of decision making under uncertainty. It introduces a new approach to modeling the expanding universe of a decision maker in the wake of becoming aware of new consequences, new acts, and new links...
Persistent link: https://www.econbiz.de/10008824907
This paper invokes the axiomatic approach to explore the notion of growing awareness in the context of decision making under uncertainty. It introduces a new approach to modeling the expanding universe of a decision maker in the wake of becoming aware of new consequences, new acts, and new links...
Persistent link: https://www.econbiz.de/10009511743
Persistent link: https://www.econbiz.de/10010246499
Persistent link: https://www.econbiz.de/10011477827
This paper extends our earlier work on reverse Bayesianism by relaxing the assumption that decision makers abide by expected utility theory, assuming instead weaker axioms that merely imply that they are probabilistically sophisticated. We show that our main results, namely, (modified)...
Persistent link: https://www.econbiz.de/10009739658
This paper introduces measures of overall incompleteness of preference relations under risk and uncertainty, as well as measures of incompleteness of beliefs and tastes. These measures are used to define "more incomplete than" relations among different preference relations. We show how greater...
Persistent link: https://www.econbiz.de/10012384172
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