Decision making under interval uncertainty: toward (somewhat) more convincing justifications for Hurwicz optimism-pessimism approach

Purpose In real life, we only know the consequences of each possible action with some uncertainty. A typical example is interval uncertainty, when lower and upper bounds on expected gain. usual way to compare such interval-valued alternatives use optimism–pessimism criterion developed by Nobelist Leo Hurwicz. this approach, a weighted combination worst-case best-case gains maximized. There exist several justifications for criterion; however, assumptions behind these are not 100% convincing. The purpose paper find more convincing explanation. Design/methodology/approach authors used utility approach decision-making. Findings proposed new, hopefully convincing, Hurwicz’s approach. Originality/value This intuitive explanation decision-making under