2016-12-01
Reconciling Savage's and Luce's modeling of uncertainty: The best of both worlds
Publication
Publication
Journal of Mathematical Psychology , Volume 75 p. 10- 18
This paper recommends using mosaics, rather than (σ-)algebras, as collections of events in decision under uncertainty. We show how mosaics solve the main problem of Savage's (1954) uncertainty model, a problem pointed out by Duncan Luce.
Using mosaics, we can connect Luce's modeling of uncertainty with Savage's. Thus, the results and techniques developed by Luce and his co-authors become available to currently popular theories of decision making under uncertainty and ambiguity.
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doi.org/10.1016/j.jmp.2015.10.007, hdl.handle.net/1765/86419 | |
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Journal of Mathematical Psychology | |
Organisation | Erasmus School of Economics |
Chai, J., Li, C., Wakker, P., Wang, T., & Yang, J. (2016). Reconciling Savage's and Luce's modeling of uncertainty: The best of both worlds. Journal of Mathematical Psychology, 75, 10–18. doi:10.1016/j.jmp.2015.10.007 |