Decision making with imprecise probabilistic information

Article Abstract:

A new axiomatic approach to modelling decision under uncertainty is developed. As the information available with the decision maker is explicitly taken into consideration a notion of imprecision is set to the informational setting. This approach allows needed flexibility in modelling the decision maker's attitude towards imprecision.

Management dynamics, Decision-making, Decision making, Management, Company business management, Axiomatic set theory

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Market behavior when preferences are generated by second-order stochastic dominance

Article Abstract:

A theory of decision making and general equilibrium for contingent and complete markets when incomplete preferences are generated by second-order stochastic dominance (SSD) has been provided. Expenditure functions for SSD are used to provide a class of law-invariant risk measures.

Stochastic processes, Decision theory

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Revising preferences and choices

Article Abstract:

The preferences and choices of an agent are subject to modification with the advent of new knowledge. An easy way for revision of the agents choice and preferences is discussed.

Consumer preferences, Rationality

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