Choice under complete uncertainty: axiomatic characterizations of some decision rules

B-Tier
Journal: Economic Theory
Year: 2000
Volume: 16
Issue: 2
Pages: 295-312

Score contribution per author:

0.670 = (α=2.01 / 3 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We provide characterizations of four new rules for individual decision-making under complete uncertainty. They are what we call the min-max rule, the max-min rule, the lexicographic min-max rule and the lexicographic max-min rule. These rules provide orderings of the sets of possible outcomes associated with uncertain prospects. They provide significant alternatives to commonly-used rules that focus on worst outcomes or best outcomes only, and lexicographic versions of those rules.

Technical Details

RePEc Handle
repec:spr:joecth:v:16:y:2000:i:2:p:295-312
Journal Field
Theory
Author Count
3
Added to Database
2026-01-24