Complete ignorance and independence axiom: optimism, pessimism, indecisiveness
type: Item
instance of: scholarly article
title: Complete ignorance and independence axiom: optimism, pessimism, indecisiveness
zbMATH Open document ID: 0583.90001
DOI: 10.1016/0165-4896(86)90003-X
author: Claude Toulet
published in: Mathematical Social Sciences
publication date: 1986-01-01T00:00:00Z
review text: This paper studies the compatibility between a group of axioms characterizing rational behavior under complete ignorance and Savage's independence axiom. The axioms of complete ignorance include symmetry with respect to events, dominance and transitivity of strict preferences - possibly a very partial ordering of the choices, incomparabilities being admitted. Savage's independence axiom is a basic requirement in many theories of choice under uncertainty or risk. It is shown here that these requirements are indeed compatible, but conjointly imply that the decision-maker only exhibits zones of either pure optimism or pure pessimism or indecisive patterns of behavior.
Mathematics Subject Classification ID: 91B06
zbMATH DE Number: 3934706
zbMATH Keywords: symmetry
zbMATH Keywords: compatibility
zbMATH Keywords: group of axioms
zbMATH Keywords: rational behavior under complete ignorance
zbMATH Keywords: Savage's independence axiom
zbMATH Keywords: pure optimism
zbMATH Keywords: pure pessimism
Wikidata QID: Q114684127
MaRDI profile type: Publication
cites work: Q5822368
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description: scientific article; zbMATH DE number 3934706