Opportunity sets and uncertain consequences (Q1567195)
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scientific article; zbMATH DE number 1455525
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Opportunity sets and uncertain consequences |
scientific article; zbMATH DE number 1455525 |
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Opportunity sets and uncertain consequences (English)
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5 June 2000
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Given a menu (a set in which the individual has to choose), the set of possible consequences (the objects the individual eventually cares about) is specified for each item in the menu. Based upon this specification, an ordering over the set of possible menus has to be defined. Two characterizations of a specific ranking are provided and another ordering is axiomatized. The first ranking is based on the total number of possible consequences from all possible choices minus the number of elements in the menu. The second one is based on the average number of possible consequences.
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opportunity sets
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uncertainty
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