Decision making with imprecise probabilistic information
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A new approach to the modelling of decision-making under uncertainty is adopted in the referred paper. The decision-makers' behavior and preferences are described by pairs (act, information) where, namely, the information is the main object of the investigation. It can be represented by a set of probability distributions over the basic space. The main contribution of the paper consists in the specification of the notion of imprecision for the informational setting. Moreover, a measure of decision-maker's imprecision aversion is shown. It is shown, as well, that the decision-maker's attitude towards imprecision respects the maximin criterion - he maximizes the minimum expected utility.
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Cites work
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Cited in
(51)- Imprecise probabilistic beliefs as a context for decision-making under ambiguity
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