1. introduction


Authors
Teddy Seidenfeld
Carnegie Mellon University
Abstract
This paper offers a comparison between two decision rules for use when uncertainty is depicted by a non-trivial, convex2 set of probability functions Γ. This setting for uncertainty is different from the canonical Bayesian decision theory of expected utility, which uses a singleton set, just one probability function to represent a decision maker’s uncertainty. Justifications for using a non-trivial set of probabilities to depict uncertainty date back at least a half century (Good, 1952) and a foreshadowing of that idea can be found even in Keynes’ (1921), where he allows that not all hypotheses may be comparable by qualitative probability – in accord with, e.g., the situation where the respective intervals of probabilities for two events merely overlap with no further (joint) constraints, so that neither of the two events is more, or less, or equally probable compared with the other
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