|Abstract||We contrast three decision rules that extend Expected Utility to contexts where a convex set of probabilities is used to depict uncertainty: Γ-Maximin, Maximality, and E-admissibility. The rules extend Expected Utility theory as they require that an option is inadmissible if there is another that carries greater expected utility for each probability in a (closed) convex set. If the convex set is a singleton, then each rule agrees with maximizing expected utility. We show that, even when the option set is convex, this pairwise comparison between acts may fail to identify those acts which are Bayes for some probability in a convex set that is not closed. This limitation affects two of the decision rules but not E-admissibility, which is not a pairwise decision rule. E-admissibility can be used to distinguish between two convex sets of probabilities that intersect all the same supporting hyperplanes.|
|Keywords||No keywords specified (fix it)|
|Through your library||Only published papers are available at libraries|
Similar books and articles
Claus Beisbart & Stephan Hartmann (2010). Welfarist Evaluations of Decision Rules Under Interstate Utility Dependencies. Social Choice and Welfare 34 (2):315-344.
Paul Weirich (1988). Hierarchical Maximization of Two Kinds of Expected Utility. Philosophy of Science 55 (4):560-582.
Martin Peterson (2004). From Outcomes to Acts: A Non-Standard Axiomatization of the Expected Utility Principle. Journal of Philosophical Logic 33 (4):361-378.
Pradier Pierre-Charles, David Teira & Jallais Sophie (2008). Facts, Norms and Expected Utility Functions. History of the Human Sciences 21 (2):45-62.
Paul Weirich (1986). Expected Utility and Risk. British Journal for the Philosophy of Science 37 (4):419-442.
Klaus Nehring (2000). A Theory of Rational Choice Under Ignorance. Theory and Decision 48 (3):205-240.
Hans Lottenbach (1994). Expected Utility and Constrained Maximization: Problems of Compatibility. Erkenntnis 41 (1):37 - 48.
Stephen A. Clark (2000). Revealed Preference and Expected Utility. Theory and Decision 49 (2):159-174.
Added to index2009-01-28
Total downloads11 ( #99,611 of 549,511 )
Recent downloads (6 months)4 ( #19,303 of 549,511 )
How can I increase my downloads?