Related papers: Decision-theoretic approaches to non-knowledge in …

One main goal of argumentation theory is to evaluate arguments and to determine whether they should be accepted or rejected. When there is no clear answer, a third option, being undecided, has to be taken into account. Indecision is often…

This paper reconsiders the problem of the absent-minded driver who must choose between alternatives with different payoff with imperfect recall and varying degrees of knowledge of the system. The classical absent-minded driver problem…

In stochastic decision problems, one often wants to estimate the underlying probability measure statistically, and then to use this estimate as a basis for decisions. We shall consider how the uncertainty in this estimation can be…

The influence of additional information on the decision making of agents, who are interacting members of a society, is analyzed within the mathematical framework based on the use of quantum probabilities. The introduction of social…

We present here three different approaches to the problem of modeling mathematically the concept of a non-deterministic mechanism. Each of these three approaches leads to a mathematical definition. We then show that all the three…

Regression plays a key role in many research areas and its variable selection is a classic and major problem. This study emphasizes cost of predictors to be purchased for future use, when we select a subset of them. Its economic aspect is…

Accuracy of economic theories and efficiency of economic policy strictly depend on the choice of the economic variables and processes mostly liable for description of economic reality. That states the general problem of assessment of any…

We study the problem of determination of asset prices in an incomplete market proposing three different but related scenarios. One scenario uses a market game approach whereas the other two are based on risk sharing or regret minimizing…

Many real-world situations of ethical and economic relevance, such as collective (in)action with respect to the climate crisis, involve not only diverse agents whose decisions interact in complicated ways, but also various forms of…

Computation plays a major role in decision making. Even if an agent is willing to ascribe a probability to all states and a utility to all outcomes, and maximize expected utility, doing so might present serious computational problems.…

The ideas of aleatoric and epistemic uncertainty are widely used to reason about the probabilistic predictions of machine-learning models. We identify incoherence in existing discussions of these ideas and suggest this stems from the…

Mathematical programming formulations of influence diagrams can bridge the gap between representing and solving decision problems. However, they suffer from both modeling and computational limitations. Aiming to address modeling…

Most traditional models of uncertainty have focused on the associational relationship among variables as captured by conditional dependence. In order to successfully manage intelligent systems for decision making, however, we must be able…

A decision is an act or event of decision taking. Decision making always includes decision taking, the latter not involving significant exchanges with non-deciding agents. A decision outcome is a piece of storable information constituting…

We consider decision-making under incomplete information about an unknown state of nature. We show that a decision problem yields a higher value of information than another, uniformly across information structures, if and only if it is…

In most contemporary approaches to decision making, a decision problem is described by a sets of states and set of outcomes, and a rich set of acts, which are functions from states to outcomes over which the decision maker (DM) has…

In this article, we propose to use the formalism of quantum mechanics to describe and explain the so-called "abnormal" behaviour of agents in certain decision or choice contexts. The basic idea is to postulate that the preferences of these…

In economic theory, an agent chooses from available alternatives -- modeled as a set. In decisions in the field or in the lab, however, agents do not have access to the set of alternatives at once. Instead, alternatives are represented by…

We propose a general framework for strategic voting when a voter may lack knowledge about other votes or about other voters' knowledge about her own vote. In this setting we define notions of manipulation and equilibrium. We also model…

Morris (1996, 1997) introduced preference-based definitions of knowledge and belief in standard state-space structures. This paper extends this preference-based approach to unawareness structures (Heifetz, Meier, and Schipper, 2006, 2008).…