Rational Choice Using Imprecise Probabilities and Utilities
An agent often does not have precise probabilities or utilities to guide resolution of a decision problem. I advance a principle of rationality for making decisions in such cases. To begin, I represent the doxastic and conative state of an agent with a set of pairs of a probability assignment and a utility assignment. Then I support a decision principle that allows any act that maximizes expected utility according to some pair of assignments in the set. Assuming that computation of an option's expected utility uses comprehensive possible outcomes that include the option's risk, no consideration supports a stricter requirement.
In recent years, the theory has become widely accepted and has been further developed, but a detailed introduction is needed in order to make the material available and accessible to a wide audience...
The tools needed to make a better, more informed decision. Decision analysis (DA) is the logic of making a decision using quantitative models of the decider's factual and value judgments. DA is...
Public controversies - such as those about the distribution of goods between rich and poor, trade and population policies, allocation of medical resources, and the tradeoff between environment al...