Theory and Decision 68 (1-2):213-232 (2010)

Abstract
A decision under ‘complete uncertainty’ is one where the decision maker knows the set of possible outcomes for each decision, but cannot assign probabilities to those outcomes. This way, the problem of ranking decisions is reduced to a problem of ranking sets of outcomes. All rankings that have emerged in the literature in this domain imply transitivity. In the current study, transitivity is subjected to an empirical evaluation in two experiments, where subjects are asked to choose between sets of monetary consequences. After analysis with a Bayes Factor, very few violations of transitivity were found. It can be concluded that transitivity seems a plausible condition for the ranking of sets of monetary consequences
Keywords Set ranking  Complete uncertainty  Transitivity  Choice  Decision making  Axiom test
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DOI 10.1007/s11238-009-9166-y
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References found in this work BETA

Theory of Games and Economic Behavior.John Von Neumann & Oskar Morgenstern - 1944 - Princeton, NJ, USA: Princeton University Press.
Intransitivity of Preferences.Amos Tversky - 1969 - Psychological Review 76 (1):31-48.
Theory of Games and Economic Behavior. [REVIEW]E. N. - 1945 - Journal of Philosophy 42 (20):550-554.

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