Related papers: Surreal Decisions
Approaches to decision-making under uncertainty in the belief function framework are reviewed. Most methods are shown to blend criteria for decision under ignorance with the maximum expected utility principle of Bayesian decision theory. A…
A framework for consensus modelling is introduced using Kleene's three valued logic as a means to express vagueness in agents' beliefs. Explicitly borderline cases are inherent to propositions involving vague concepts where sentences of a…
We give an overview of two approaches to probability theory where lower and upper probabilities, rather than probabilities, are used: Walley's behavioural theory of imprecise probabilities, and Shafer and Vovk's game-theoretic account of…
Subjective expected utility theory assumes that decision-makers possess unlimited computational resources to reason about their choices; however, virtually all decisions in everyday life are made under resource constraints - i.e.…
This paper introduces a class of objects called decision rules that map infinite sequences of alternatives to a decision space. These objects can be used to model situations where a decision maker encounters alternatives in a sequence such…
Can a problem undecidable with classical resources be decidable with quantum ones? The answer expected is no; as both being Turing theories, they should not solve the Halting problem - a problem unsolvable by any Turing machine. Yet, we…
This paper proposes a careful separation between an entity's epistemic system and their decision system. Crucially, Bayesian counterfactuals are estimated by the epistemic system; not by the decision system. Based on this remark, I prove…
The Allais and Ellsberg paradoxes show that the expected utility hypothesis and Savage's Sure-Thing Principle are violated in real life decisions. The popular explanation in terms of 'ambiguity aversion' is not completely accepted. On the…
Sets of desirable gambles constitute a quite general type of uncertainty model with an interesting geometrical interpretation. We give a general discussion of such models and their rationality criteria. We study exchangeability assessments…
A longstanding question in the judgment and decision making literature is whether experts, even in high-stakes environments, exhibit the same cognitive biases observed in controlled experiments with inexperienced participants. Massey and…
We provide and axiomatize a representation for preferences over lotteries that generalizes the expected utility model. Since the representation uses different utility functions to evaluate different lotteries, the preferences can be…
While Evidence Theory (also known as Dempster-Shafer Theory, or Belief Functions Theory) is being increasingly used in data fusion, its potentialities in the Social and Life Sciences are often obscured by lack of awareness of its…
Predicting the future is an important component of decision making. In most situations, however, there is not enough information to make accurate predictions. In this paper, we develop a theory of causal reasoning for predictive inference…
Gambles are random variables that model possible changes in monetary wealth. Classic decision theory transforms money into utility through a utility function and defines the value of a gamble as the expectation value of utility changes.…
If we accept Savage's set of axioms, then all uncertainties must be treated like ordinary probability. Savage espoused subjective probability, allowing, for example, the probability of Donald Trump's re-election. But Savage's probability…
We consider the robust exponential utility maximization problem in discrete time: An investor maximizes the worst case expected exponential utility with respect to a family of nondominated probabilistic models of her endowment by…
In its most basic form, decision-making can be viewed as a computational process that progressively eliminates alternatives, thereby reducing uncertainty. Such processes are generally costly, meaning that the amount of uncertainty that can…
The tremendous popular success of Chaos Theory shares some common points with the not less fortunate Relativity: they both rely on a misunderstanding. Indeed, ironically , the scientific meaning of these terms for mathematicians and…
This paper investigates best-worst choice probabilities (picking the best and the worst alternative from an offered set). It is shown that non-negativity of best-worst Block-Marschak polynomials is necessary and sufficient for the existence…
We present a formalism that captures the process of proving quantum superiority to skeptics as an interactive game between two agents, supervised by a referee. Bob, is sampling from a classical distribution on a quantum device that is…