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

Nicolas Gravel
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Thierry Marchant
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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.

Dates and versions

hal-03817362 , version 1 (17-10-2022)

Identifiers

• HAL Id : hal-03817362 , version 1

Cite

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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