Case-Based Decision Theory

S-Tier
Journal: Quarterly Journal of Economics
Year: 1995
Volume: 110
Issue: 3
Pages: 605-639

Score contribution per author:

4.022 = (α=2.01 / 2 authors) × 4.0x S-tier

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

Abstract

This paper suggests that decision-making under uncertainty is, at least partly, case-based. We propose a model in which cases are primitive, and provide a simple axiomatization of a decision rule that chooses a "best" act based on its past performance in similar cases. Each act is evaluated by the sum of the utility levels that resulted from using this act in past cases, each weighted by the similarity of that past case to the problem at hand. The formal model of case-based decision theory naturally gives rise to the notions of satisficing decisions and aspiration levels.

Technical Details

RePEc Handle
repec:oup:qjecon:v:110:y:1995:i:3:p:605-639.
Journal Field
General
Author Count
2
Added to Database
2026-01-25