Sciweavers

Share
IJAR
2007

Decision making under uncertainty using imprecise probabilities

8 years 11 months ago
Decision making under uncertainty using imprecise probabilities
Various ways for decision making with imprecise probabilities—admissibility, maximal expected utility, maximality, E-admissibility, Γ-maximax, Γ-maximin, all of which are well-known from the literature—are discussed and compared. We generalize 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. Key words: decision, optimality, uncertainty, probability, maximality, E-admissibility, maximin, lower prevision
Matthias C. M. Troffaes
Added 14 Dec 2010
Updated 14 Dec 2010
Type Journal
Year 2007
Where IJAR
Authors Matthias C. M. Troffaes
Comments (0)
books