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Rank Dependent Weighted Average Utility Models for Decision Making under Ignorance or Objective Ambiguity

Abstract : The paper provides an axiomatic characterization of a family of rank dependent weighted average utility criteria applicable to decisions under ignorance or objective ambiguity. A decision under ignorance is described by the finite set of its final consequences while a decision under objective ambiguity is described by a finite set of probability distributions over a set of final consequences. The criteria characterized are those that assign to every element in a set a weight that depends upon the rank of this element if it was available for sure (or non-ambiguously) and that compare sets on the basis of their weighted utility for some utility function. A specific subfamily of these criteria that requires the weights to be proportional to each other is also characterized.
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Preprints, Working Papers, ...
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https://hal-amu.archives-ouvertes.fr/hal-03817362
Contributor : Elisabeth Lhuillier Connect in order to contact the contributor
Submitted on : Monday, October 17, 2022 - 10:55:46 AM
Last modification on : Wednesday, October 19, 2022 - 4:56:56 AM

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WP 2022 - Nr 23.pdf
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  • HAL Id : hal-03817362, version 1

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Nicolas Gravel, Thierry Marchant. Rank Dependent Weighted Average Utility Models for Decision Making under Ignorance or Objective Ambiguity. 2022. ⟨hal-03817362⟩

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