Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/66444
Title: Reconciling Savage's and Luce's modeling of uncertainty : the best of both worlds
Authors: Chai, JY
Li, C
Wakker, PP
Wang, TV
Yang, JN
Keywords: Uncertainty
Mosaics
Expected utility
Ambiguity
State space
Conditional decisions
Issue Date: 2016
Publisher: Academic Press Inc.
Source: Journal of mathematical psychology, Dec. 2016, v. 75, p. 10-18 How to cite?
Journal: Journal of mathematical psychology 
Abstract: This paper recommends using mosaics, rather than (sigma-)algebras, as collections of events in decision under uncertainty. We show how mosaics solve the main problem of Savage's (1954) uncertainty model, a problem pointed out by Duncan Luce. Using mosaics, we can connect Luce's modeling of uncertainty with Savage's. Thus, the results and techniques developed by Luce and his co-authors become available to currently popular theories of decision making under uncertainty and ambiguity.
URI: http://hdl.handle.net/10397/66444
ISSN: 0022-2496
DOI: 10.1016/j.jmp.2015.10.007
Appears in Collections:Journal/Magazine Article

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