Publication:
Uncertainty with ordinal likelihood information

Consultable a partir de

Date

2007

Director

Publisher

Acceso abierto / Sarbide irekia
Documento de trabajo / Lan gaia

Project identifier

Abstract

This paper proposes a new framework of choice under uncertainty, where the only information available to the decision maker is about the the ordinal likelihood of the different outcomes each action generates. This contrasts both with the classical models where the potential outcomes of each action have an associated probability distribution, and with the more recent complete uncertainty models, where the agent has no information whatever about the probability of the outcomes, even of an ordinal nature. We present an impossibility result in our framework, and some ways to circumvent it that result in different ranking rules.

Keywords

Uncertainty, Ordinal likelihood, Nonprobabilistic models, Complete uncertainty

Department

Economía / Ekonomia

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Doctorate program

Editor version

Funding entities

The authors acknowledge financial support by the Spanish Ministerio de Educación y Ciencia (Project SEC2003-08105 and SEJ2006-11510) and by Junta de Castilla y León (Project VA040A05).

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