A note on preference for flexibility.

DOI10.1007/S102030200003MaRDI QIDQ1862735zbMATH OpenOpenAlexFDO

Authors Salvatore Modica

Publication date 15 July 2003

Published in Decisions in Economics and Finance (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1007/s102030200003

zbMATH Keywords

Decision-making under uncertaintysequentional decision-making

Mathematics Subject Classification ID

Decision theory (91B06)

Review text

The referred paper contributes to special decision-making models in which the decisions are accepted in several consequent steps. Namely, the former result for flexibility of preferences is extended from two-period to theree-period decisions, i.e., from the preferences over sets of actual results to the preference over sets of sets of the results. In a wider sense, the results develop the methods of decision-making under uncertainty. The main result shows the effectivity of the suggested three-period decision-making process. A potential possibility to simplify the former results on two-period procedure by means of some ideas of this paper is intuitively suggested, too.

Recommendations

• Preference for flexibility and the opportunities of choice
• Preference for flexibility in infinite horizon problems
• Incomplete preferences and the preference for flexibility
• Indefinite preference structures and decision analysis
• Flexibility and decision making

Cited in

(5)

• Flexibility and decision making
• The strategic value of flexibility in sequential decision making
• Preference for flexibility in infinite horizon problems
• Subjective probability over a subjective decision tree
• Dynamic Preference for Flexibility

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