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On the confidence preferences model
- Source :
- Fuzzy Sets and Systems, Fuzzy Sets and Systems, Elsevier, 2012, 188 (1), pp.1-15. ⟨10.1016/j.fss.2011.08.002⟩
- Publication Year :
- 2012
- Publisher :
- Elsevier BV, 2012.
-
Abstract
- International audience; In this paper we study the model of decision under uncertainty consistent with confidence preferences. In that model, a decision maker held beliefs represented by a fuzzy set of priors and tastes captured by a standard affine utility index on consequences. First, we find some interesting properties concerning the well-known maxmin expected utility model, taking into account the point of view of the confidence preferences model. Further, we provide new examples of preferences that capture ambiguity-averse attitudes weaker than ambiguity attitudes featured by maxmin expected utility theory. Finally, we discuss the axiomatic foundations for the confidence preferences model with optimistic behavior.
- Subjects :
- Index (economics)
Economics
Logic
media_common.quotation_subject
Fuzzy set
02 engineering and technology
Decision analysis
Nonadditive measures
Artificial Intelligence
0502 economics and business
Prior probability
0202 electrical engineering, electronic engineering, information engineering
Econometrics
Expected utility hypothesis
Axiom
Multiple priors model
050205 econometrics
media_common
Mathematics
05 social sciences
Confidence functions
JEL: D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D81 - Criteria for Decision-Making under Risk and Uncertainty
Ambiguity
[SHS.ECO]Humanities and Social Sciences/Economics and Finance
JEL: C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C65 - Miscellaneous Mathematical Tools
020201 artificial intelligence & image processing
Affine transformation
Fuzzy priors
Subjects
Details
- ISSN :
- 01650114
- Volume :
- 188
- Database :
- OpenAIRE
- Journal :
- Fuzzy Sets and Systems
- Accession number :
- edsair.doi.dedup.....912e2f44db1482c65b8c22e8b1a811b1