Decision Making Under Uncertainty When Preference Information Is Incomplete

Decision Making Under Uncertainty When Preference Information Is Incomplete

We consider the problem of optimal decision making under uncertainty but assume that the decision maker’s utility function is not completely known. Instead, we consider all the utilities that meet some criteria, such as preferring certain lotteries over certain other lotteries and being risk averse, s-shaped, or prudent. This extends the notion of stochastic dominance. We then give tractable fo...

INCOMPLETE INTERVAL-VALUED HESITANT FUZZY PREFERENCE RELATIONS IN DECISION MAKING

In this article, we propose a method to deal with incomplete interval-valuedhesitant fuzzy preference relations. For this purpose, an additivetransitivity inspired technique for interval-valued hesitant fuzzypreference relations is formulated which assists in estimating missingpreferences. First of all, we introduce a condition for decision makersproviding incomplete information. Decision maker...

Delegation in decision making under uncertainty. Are preferences incomplete?

In this paper we experimentally document the existence of an unexplored violation of rationality in decision making under uncertainty. In a series of incentivized decision tasks subjects have to choose between risky and ambiguous prospects or state to be indifferent, where the last option effectively means delegating the choice to a fair chance device. We observe that half of the subjects deleg...

Decision making under uncertainty

Decision making under uncertainty

1 Laboratory of Computational Neuroscience, École Polytechnique Fédérale de Lausanne, Lausanne, Switzerland 2 Laboratoire de Recherché en Neuroimagerie, Le Centre Hospitalier Universitaire Vaudois, Lausanne, Switzerland 3 Information Processing and Economic Decision Making, Department of Psychology, Universität Konstanz, Konstanz, Germany 4 Economic Psychology, Department of Psychology, Univers...