A new approach to modeling decision-making under uncertainty (Q2385111)
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| Language | Label | Description | Also known as |
|---|---|---|---|
| English | A new approach to modeling decision-making under uncertainty |
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A new approach to modeling decision-making under uncertainty (English)
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11 October 2007
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The paper under review deals with the methods of decision-making under uncertainty, namely with those which avoid the use of a state space. The main contributions of the presented model and results can be summarized in two axiomatic systems. The first one deals with general subjective expected utility theory with action-dependent subjective probabilities and effect dependent utilities. The second one regards the nonexpected utility theory involving well-defined families of action-dependent subjective probabilities on effect and utility representations. The theorems formulated in the paper analyze the preference relation defined by the suggested axioms.
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utility model
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subjective expectation
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state space
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subjective probabilities action dependence
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effect dependence
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