Axioms for minimax regret choice correspondences (Q654507): Difference between revisions

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Axioms for minimax regret choice correspondences
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    Axioms for minimax regret choice correspondences (English)
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    28 December 2011
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    This paper unifies and extends the recent axiomatic literature on minimax regret. It compares several models of minimax regret, shows how to characterize the according choice correspondences in a unified setting, extends one of them to choice from convex (through randomization) sets, and connects them by defining a behavioral notion of perceived ambiguity. Substantively, a main idea is to behaviorally identify ambiguity with failures of independence of irrelevant alternatives.
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    minimax regret
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    ambiguity
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    ambiguity aversion
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    multiple priors
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    choice correspondences
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