Uncertainty, Ignorance and Decision-Making

Decision making under ignorance

Ignorance is an extreme form of uncertainty. In most narrow and technical sense, it means inability to assign a meaningful probability to the phenomena of interest. In more general sense, the state of ignorance is the result of the absence of knowledge about structural factors that influence the issues, the lack of reliable information or inability to completely determine the space of alternati...

Decision - Making under Ignorance 321

A new investigation is launched into the problem of decision-making in the face of 'complete ignorance', and linked to the problem of social choice. In the first section the author introduces a set of properties which might characterize a criterion for decision-making under complete ignorance. Two of these properties are novel: 'independence of non-discriminating states', and 'weak pessimism'. ...

Decision making under uncertainty

Decision Making with Uncertainty

In this paper we discuss decision making based on incomplete knowledge. Asthe results of our decisions have always some uncertainties in these cases, we developeda method to measure the advantages brought by those possible solutions of our problem,which makes our decision making problem easier. Our proposal is entirely formulizedwithin the so called classical two valued logic, so it has a solid...

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...