Ascending Probabilistic Max-min Extended Choice Correspondence

• Authors: Somdeb Lahiri

Abstracts

EN

In this paper, we provide an axiomatic characterization of the ascending probabilistic max-min extended choice correspondence for a decision-maker who has state-dependent preferences (represented by a linear order) over a set of alternatives and a (subjective) probability vector over states of nature, where both the preferences and probability vectors are variable. Further on the domain of all extended preference profiles for which the Ascending Probabilistic Max-Min Extended Choice Correspondence is resolute, the same choice correspondence is completely characterized by just two of the three axioms that are required for the axiomatic characterization on the more general domain. A significant feature of our solution concept and the related axiomatic analysis is that we use no more information than the probability with which each alternative realizes each rank.

Keywords

EN

decision-making under risk; state-dependent preferences; extended choice correspondences; ascending probabilistic max-min

• Publisher: Główny Urząd Statystyczny
• Journal: Przegląd Statystyczny
• Year: 2023
• Volume: 70
• Issue: 1
• Pages: 1-12

Dates

published

2023

Contributors

author

Somdeb Lahiri

• Pandit Deendayal Energy University, India

• https://orcid.org/0000000252473497

References

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• Lahiri, S. (2020). Generalized Sen-Coherence and Existence of Preferred With Probability At Least Half Winners. International Journal of Operations Research, 17(3), 93–99. https://dx.doi.org/10.2139/ssrn.3314156.
• Lahiri, S. (2020/2021). Extended choice correspondences & an axiomatic characterization of the probabilistic Borda rule. m2ef – Mathematical Methods in Economics and Finance, 15/16(1), 15– 34. https://www.unive.it/pag/fileadmin/user_upload/dipartimenti/economia/doc/Pubblicazioni_scientifiche/m2ef/2020_2021/08-Lahiri-m2ef-2020_2021.pdf.
• Lahiri, S. (2021). Pattanaik’s Axioms and The Existence Of Winners Preferred With Probability At Least Half. Operations Research and Decisions, 31(2), 109–122. https://doi.org/10.37190/ord210205.
• Lahiri, S. (2022). Axiomatic Characterizations of Probabilistic Max-min Extended Choice Correspondence. Multiple Criteria Decision Making, 17, 87–101. https://doi.org/10.22367/mcdm.2022.17.05.

Identifiers

DOI

10.59139/ps.2023.01.2

Biblioteka Nauki

11542158