Troffaes, M. C. M. (2007) 'Decision making under uncertainty using imprecise probabilities.', International journal of approximate reasoning., 45 (1). pp. 17-29.
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.
|Keywords:||Decision, Optimality, Uncertainty, Probability, Maximality, E-admissibility, Maximin, Lower prevision.|
|Full text:||PDF - Accepted Version (232Kb)|
|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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