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On the confidence preferences model
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DOI：10.1016/j.fss.2011.08.002.png)
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Abstract
En 中文
In this paper we study the model of decision under uncertainty consistent with confidence preferences. In that model, a decision maker held beliefs represented by a fuzzy set of priors and tastes captured by a standard affine utility index on consequences. First, we find some interesting properties concerning the well-known maxmin expected utility model, taking into account the point of view of the confidence preferences model. Further, we provide new examples of preferences that capture ambiguity-averse attitudes weaker than ambiguity attitudes featured by maxmin expected utility theory. Finally, we discuss the axiomatic foundations for the confidence preferences model with optimistic behavior. (C) 2011 Elsevier B.V. All rights reserved.
Keywords:
Confidence functions
Decision analysis
Economics
Fuzzy priors
Multiple priors model
Nonadditive measures
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