3rd COMTESS Meeting - 2013

Activity: Participating in or organising an academic or articstic eventExternal workshops, courses, seminarsResearch

John-Oliver Engler - Speaker

    3rd COMTESS Meeting

    Based on a set of seven axioms, we develop an original approach to decision making under Knightian uncertainty that circumvents numerous conceptual problems of existing approaches in the literature. We understand and conceptualize Knightian uncertainty as income lotteries with known payoffs in each outcome, but unknown probabilities. This distinguishes our approach from the ambiguity approach where decision makers are assumed to entertain some set of probabilistic beliefs about the likelihoods of outcomes. We provide a proof that there exists a function H from the set of Knightian lotteries to the real numbers such that lottery f is preferred to lottery g if and only if H(f)>H(g) and that H is unique up to cardinal transformations. We propose and illustrate one possible concrete function satisfying our axioms with a static sample decision problem and compare it to other decision rules such as maximin, maximax, the Hurwicz criterion, the minimum regret rule and the principle of insufficient reason. We find that the overall ranking of the lotteries is different from these well-known criteria, but the most preferred option is the same as with the maximin rule and a pessimistic Hurwicz individual.

    presentation of internediate research findings that have been obtained in work package 6.2 of the COMTESS project
    23.01.201325.01.2013
    3rd COMTESS Meeting - 2013

    Event

    3rd COMTESS Meeting - 2013

    23.01.1325.01.13

    Hildesheim, Germany

    Event: Conference

    Documents

    Links

    Recently viewed

    Researchers

    1. Jörn Obermann

    Publications

    1. Approaching the other
    2. Time use and time budgets
    3. Developments in Qualitative Mindfulness Practice Research
    4. Disciplines and Doubts
    5. Cultural influences on social feedback processing of character traits
    6. An archetype analysis of sustainability innovations in Biosphere Reserves: Insights for assessing transformative potential
    7. Introduction
    8. Bird community responses to the edge between suburbs and reserves
    9. Parameters, concepts and the terminology of outer space law: a review of the essential facilities served by outer space activities and the rules of interpretation for treaty law and soft law guidelines.
    10. Handbook of Philosophy of Management
    11. Taking stock–Three years of addressing societal challenges on community level through action research
    12. A comparative survey of chemistry-driven in silico methods to identify hazardous substances under REACH
    13. Experimental and numerical analysis of material flow in porthole die extrusion
    14. A milp for installation scheduling of offshore wind farms
    15. Effectiveness and Efficiency of Assertive Outreach for Schizophrenia in Germany
    16. Working with Research Integrity—Guidance for Research Performing Organisations
    17. The edge of virtual communities ?
    18. A suite of multiplexed microsatellite loci for the ground beetle Abax parallelepipedus (Piller and Mitterpacher, 1783) (Coleoptera, Carabidae)
    19. Biodiversity and Resilience of Ecosystem Functions
    20. Dematerialization
    21. On the way to greener ionic liquids
    22. Creativity in the ‘spaces of hope’
    23. Ownership Patterns and Enterprise Groups in German Structural Business Statistics
    24. The Social Case as a Business Case
    25. Children's interpretation of ambiguous pronouns based on prior discourse
    26. Article 72 CISG
    27. Gender perspectives in resilience, vulnerability and adaptation to global environmental change
    28. In situ synchrotron diffraction of the solidification of Mg-RE alloys
    29. Manipulating Belief in Free Will and Its Downstream Consequences