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Coherent choice functions under uncertainty
pp. 157-176
Abstrakt
We discuss several features of coherent choice functions—where the admissible options in a decision problem are exactly those that maximize expected utility for some probability/utility pair in fixed set S of probability/utility pairs. In this paper we consider, primarily, normal form decision problems under uncertainty—where only the probability component of S is indeterminate and utility for two privileged outcomes is determinate. Coherent choice distinguishes between each pair of sets of probabilities regardless the “shape” or “connectedness” of the sets of probabilities. We axiomatize the theory of choice functions and show these axioms are necessary for coherence. The axioms are sufficient for coherence using a set of probability/almost-state-independent utility pairs. We give sufficient conditions when a choice function satisfying our axioms is represented by a set of probability/state-independent utility pairs with a common utility.
Publication details
Published in:
Arló-Costa Horacio, Helzner Jeffrey (2010) Foundations of the decision sciences. Synthese 172 (1).
Seiten: 157-176
DOI: 10.1007/s11229-009-9470-7
Referenz:
Seidenfeld Teddy, Schervish Mark J., Kadane Joseph B. (2010) „Coherent choice functions under uncertainty“. Synthese 172 (1), 157–176.