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Decision making under uncertainty using imprecise probabilities.

Troffaes, M. C. M. (2007) 'Decision making under uncertainty using imprecise probabilities.', International journal of approximate reasoning., 45 (1). pp. 17-29.

Abstract

Various ways for decision making with imprecise probabilities—admissibility, maximal expected utility, maximality, E-admissibility, Gamma-maximax, Gamma-maximin, all of which are well known from the literature—are discussed and compared. We generalise a well-known sufficient condition for existence of optimal decisions. A simple numerical example shows how these criteria can work in practice, and demonstrates their differences. Finally, we suggest an efficient approach to calculate optimal decisions under these decision criteria.

Item Type:Article
Keywords:Decision, Optimality, Uncertainty, Probability, Maximality, E-admissibility, Maximin, Lower prevision.
Full text:PDF - Accepted Version (232Kb)
Status:Peer-reviewed
Publisher Web site:http://dx.doi.org/10.1016/j.ijar.2006.06.001
Record Created:19 Jul 2007
Last Modified:02 Sep 2011 15:38

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