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From the introduction: ``Imprecise probability is a generic term to cover all mathematical models which measure chance or uncertainty without sharp numerical probabilties.'' In this paper, the range of set-valued probability is the set of subsets of the unit interval, and the range of fuzzy-valued probability is the set of fuzzy sets of the unit interval. The method of restricted set arithmetics is used to treat the set- or fuzzy-valued probabilities in spite of that the sum of all individual probabilities is one. The author introduces the set- and the fuzzy-valued probability as functions derived, respectively, from a finite complete set- and a fuzzy-valued measure. The used model is suitable to define an expectation. In the definitions and theorems, there is no assumption about convexity so, this theory can be used to model and to analyze probabilistic systems where the values of probability are highly imprecise but discrete. An example of application in finance is given. | |||
Property / review text: From the introduction: ``Imprecise probability is a generic term to cover all mathematical models which measure chance or uncertainty without sharp numerical probabilties.'' In this paper, the range of set-valued probability is the set of subsets of the unit interval, and the range of fuzzy-valued probability is the set of fuzzy sets of the unit interval. The method of restricted set arithmetics is used to treat the set- or fuzzy-valued probabilities in spite of that the sum of all individual probabilities is one. The author introduces the set- and the fuzzy-valued probability as functions derived, respectively, from a finite complete set- and a fuzzy-valued measure. The used model is suitable to define an expectation. In the definitions and theorems, there is no assumption about convexity so, this theory can be used to model and to analyze probabilistic systems where the values of probability are highly imprecise but discrete. An example of application in finance is given. / rank | |||
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Property / reviewed by | |||
Property / reviewed by: Wolfgang Näther / rank | |||
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Property / Mathematics Subject Classification ID | |||
Property / Mathematics Subject Classification ID: 60A86 / rank | |||
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Property / zbMATH DE Number | |||
Property / zbMATH DE Number: 5930974 / rank | |||
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Property / zbMATH Keywords | |||
set-valued probability | |||
Property / zbMATH Keywords: set-valued probability / rank | |||
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Property / zbMATH Keywords | |||
fuzzy-valued probability | |||
Property / zbMATH Keywords: fuzzy-valued probability / rank | |||
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Property / zbMATH Keywords | |||
expectation | |||
Property / zbMATH Keywords: expectation / rank | |||
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Property / MaRDI profile type | |||
Property / MaRDI profile type: MaRDI publication profile / rank | |||
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Property / full work available at URL | |||
Property / full work available at URL: https://doi.org/10.1016/j.cam.2010.01.016 / rank | |||
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Property / OpenAlex ID | |||
Property / OpenAlex ID: W1975170940 / rank | |||
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Property / cites work | |||
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links / mardi / name | links / mardi / name | ||
Latest revision as of 08:30, 4 July 2024
scientific article
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English | Imprecise set and fuzzy valued probability |
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Imprecise set and fuzzy valued probability (English)
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22 July 2011
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From the introduction: ``Imprecise probability is a generic term to cover all mathematical models which measure chance or uncertainty without sharp numerical probabilties.'' In this paper, the range of set-valued probability is the set of subsets of the unit interval, and the range of fuzzy-valued probability is the set of fuzzy sets of the unit interval. The method of restricted set arithmetics is used to treat the set- or fuzzy-valued probabilities in spite of that the sum of all individual probabilities is one. The author introduces the set- and the fuzzy-valued probability as functions derived, respectively, from a finite complete set- and a fuzzy-valued measure. The used model is suitable to define an expectation. In the definitions and theorems, there is no assumption about convexity so, this theory can be used to model and to analyze probabilistic systems where the values of probability are highly imprecise but discrete. An example of application in finance is given.
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set-valued probability
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fuzzy-valued probability
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expectation
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