Decision under Uncertainty
Philippe Smets
TL;DR
This paper provides an axiomatic derivation of the probability function essential for making decisions under various forms of uncertainty, offering a foundational framework for decision theory.
Contribution
It introduces a new axiomatic approach to determine the appropriate probability function for decision-making under uncertainty.
Findings
Derived a set of axioms for probability functions
Established the conditions under which the probability function is uniquely determined
Provides a theoretical foundation for decision-making models
Abstract
We derive axiomatically the probability function that should be used to make decisions given any form of underlying uncertainty.
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Taxonomy
TopicsDecision-Making and Behavioral Economics · Complex Systems and Decision Making