Axioms for minimax regret choice correspondences (Q654507)
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scientific article; zbMATH DE number 5992515
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Axioms for minimax regret choice correspondences |
scientific article; zbMATH DE number 5992515 |
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Axioms for minimax regret choice correspondences (English)
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28 December 2011
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This paper unifies and extends the recent axiomatic literature on minimax regret. It compares several models of minimax regret, shows how to characterize the according choice correspondences in a unified setting, extends one of them to choice from convex (through randomization) sets, and connects them by defining a behavioral notion of perceived ambiguity. Substantively, a main idea is to behaviorally identify ambiguity with failures of independence of irrelevant alternatives.
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minimax regret
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ambiguity
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ambiguity aversion
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multiple priors
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choice correspondences
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