Choice under uncertainty with the best and worst in mind: Neo-additive capacities
نویسندگان
چکیده
The concept of a non-extreme-outcome-additive capacity (neo-additive capacity ) is introduced. Neo-additive capacities model optimistic and pessimistic attitudes towards uncertainty as observed in many experimental studies. Moreover, neo-additive capacities can be applied easily in economic problems, as we demonstrate by examples. This paper provides an axiomatisation of Choquet expected utility with neo-capacities in a framework of purely subjective uncertainty. JEL Classification: D81
منابع مشابه
Hedonic Pricing under Uncertainty: A Theoretical Consumer Behavior Model
A model of consumer behavior has been formulated by using an additive utility function and the hedonic pricing approach, in a virtual market. Since, there is a time lag between ordering and purchasing products (goods and services) online and receiving them, it means the consumer makes decision under uncertainty. The level of satisfaction with products with distinctive characteristics is describ...
متن کاملGeneralized neo-additive capacities and updating
This paper shows that, for Choquet expected utility preferences, the axioms consquentialism, state independence and conditional certainty equivalent consistency under updating characterise a family of capacities, which we call Generalized Neo-Additive Capacities (GNAC). This family contains as special cases, among others, neo-additive capacities as introduced by Chateauneuf, Eichberger, and Gra...
متن کاملOptimization Model of Hirmand River Basin Water Resources in the Agricultural Sector Using Stochastic Dynamic Programming under Uncertainty Conditions
In this study, water management allocated to the agricultural sector’ was analyzed using stochastic dynamic programming under uncertainty conditions. The technical coefficients used in the study referred to the agricultural years, 2013-2014. They were obtained through the use of simple random sampling of 250 farmers in the region for crops wheat, barley, melon, watermelon and ruby grapes under ...
متن کاملAssessing and Selecting Sustainable Suppliers in Intuitionistic Fuzzy Set with Hybrid Multi-Criteria Best-Worst and VIKOR Approach
A sustainable supply of raw materials has a concern for manufacturing companies. Due to the increase of environmental and social awareness, selecting a sustainable supplier has been one of the priorities of organizations. The ambiguity and uncertainty in decision making have led to the application of decision-making methods in uncertainty situations. The present study intends to use a fuzzy mul...
متن کاملMulti-Objective Rough Best-Worst Method to Evaluate Sustainability of a Biofuel Energy Supply Chain
The role of sustainability dimensions in the value creation process has received much attention. Adopting a proper set of key performance indicators sustainability leads to accurate calculation of chain value. This paper focuses on the dimensions of in the biofuel supply chain and seeks to evaluate the value in the chain. First, the importance of biofuels and its various types are discussed. Th...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید
ثبت ناماگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید
ورودعنوان ژورنال:
- J. Economic Theory
دوره 137 شماره
صفحات -
تاریخ انتشار 2007