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Axiomatic Foundations for a Class of Generalized Expected Utility: Algebraic Expected Utility

Paul Weng 1
1 DECISION
LIP6 - Laboratoire d'Informatique de Paris 6
Abstract : In this paper, we provide two axiomatizations of algebraic expected utility, which is a particular generalized expected utility, in a von Neumann-Morgenstern setting, i.e. uncertainty representation is supposed to be given and here to be described by a plausibility measure valued on a semiring, which could be partially ordered. We show that axioms identical to those for expected utility entail that preferences are represented by an algebraic expected utility. This algebraic approach allows many previous propositions (expected utility, binary possibilistic utility,...) to be unified in a same general framework and proves that the obtained utility enjoys the same nice features as expected utility: linearity, dynamic consistency, autoduality of the underlying uncertainty representation, autoduality of the decision criterion and possibility of modeling decision maker’s attitude toward uncertainty.
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https://hal.archives-ouvertes.fr/hal-01351346
Contributor : Lip6 Publications <>
Submitted on : Wednesday, August 3, 2016 - 2:59:09 PM
Last modification on : Thursday, March 21, 2019 - 2:16:59 PM

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  • HAL Id : hal-01351346, version 1

Citation

Paul Weng. Axiomatic Foundations for a Class of Generalized Expected Utility: Algebraic Expected Utility. International Conference on Uncertainty in Artificial Intelligence, Jul 2006, Massachusetts Institute of Technology, Cambridge, MA, United States. pp.520-527. ⟨hal-01351346⟩

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