Simple Characterization of the Hurwicz Criterium under Uncertainty

Article dans une revue: Schmeidler [1986], [1989] famously used his nonadditive probability model to describe a decision-maker’s uncertainty aversion and/or uncertainty loving. This short note illustrates how nonadditive probability can also be used to obtain a simple characterization of the Hurwicz criterium, where the decision-maker has a balanced attitude towards uncertainty, intermediate between full aversion and full loving.

Auteur(s)

Alain Chateauneuf, Caroline Ventura, Vassili Vergopoulos

Revue
  • Revue Economique
Collection
  • Special issue dedicated to David Schmeidler
Date de publication
  • 2020
Mots-clés JEL
D81
Mots-clés
  • Schmeidler’s model
  • Hurwicz criterium
  • Aversion and attraction with respect to uncertainty
Pages
  • 331-336
Version
  • 1
Volume
  • 71