Inferring preferences from choices under uncertainty

Kuzmics C (2012) Working Papers. Institute of Mathematical Economics; 462.
Bielefeld: Universität Bielefeld.

Diskussionspapier | Veröffentlicht | Englisch
 
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Abstract / Bemerkung
If a decision maker, in a world of uncertainty a la Anscombe and Aumann (1963), can choose acts according to some objective probability distribution (by throwing dice for instance) from any given set of acts, then there is no set of acts that allows an experimenter to test more than the Axiom of EUOL (that the DM evaluates objective lotteries with an expected utility function). In fact there is no (common) experimental design that allows an experimenter to test more than EUOL. For any decision problem (or set of decision problems), for any preference relation that satisfies the Axiom EUOL, and for any optimal choice (or collection of choices) given this preference relation, there is another preference relation that satisfies EUOL plus the Savage axioms, for which this choice is also optimal.
Stichworte
experiments; ambiguity; decision theory; Knightian uncertainty
Erscheinungsjahr
2012
Band
462
ISSN
0931-6558
Page URI
https://pub.uni-bielefeld.de/record/2671725

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Kuzmics C. Inferring preferences from choices under uncertainty. Working Papers. Institute of Mathematical Economics. Vol 462. Bielefeld: Universität Bielefeld; 2012.
Kuzmics, C. (2012). Inferring preferences from choices under uncertainty (Working Papers. Institute of Mathematical Economics, 462). Bielefeld: Universität Bielefeld.
Kuzmics, C. (2012). Inferring preferences from choices under uncertainty. Working Papers. Institute of Mathematical Economics, 462, Bielefeld: Universität Bielefeld.
Kuzmics, C., 2012. Inferring preferences from choices under uncertainty, Working Papers. Institute of Mathematical Economics, no.462, Bielefeld: Universität Bielefeld.
C. Kuzmics, Inferring preferences from choices under uncertainty, Working Papers. Institute of Mathematical Economics, vol. 462, Bielefeld: Universität Bielefeld, 2012.
Kuzmics, C.: Inferring preferences from choices under uncertainty. Working Papers. Institute of Mathematical Economics, 462. Universität Bielefeld, Bielefeld (2012).
Kuzmics, Christoph. Inferring preferences from choices under uncertainty. Bielefeld: Universität Bielefeld, 2012. Working Papers. Institute of Mathematical Economics. 462.
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2019-09-25T06:36:25Z
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Working Paper als Zeitschriftenartikel veröffentlicht in "Games and Economc Behaviour", 2017

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