Context and decision : three approaches to representing preferences
We present three approaches to representing families of preference relations indexed by context over a set of alternatives. Our main motivation is that existing models of preferences typically assume that there is a unique order that ranks alternatives and contexts alike, that is preferences are con...
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University of Warwick
2011
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| Online Access: | http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.560300 |
| Summary: | We present three approaches to representing families of preference relations indexed by context over a set of alternatives. Our main motivation is that existing models of preferences typically assume that there is a unique order that ranks alternatives and contexts alike, that is preferences are context-free. We argue that this is often an unnecessary and unrealistic burden on the decision-maker’s capacity to decide. The first chapter is a geometric approach that improves upon the model of Gilboa and Schmeidler (2003) and casebased decision theory. The second is a general, topological approach with applications to choice under uncertainty; for context preferences it emulates the classical representation of Debreu (1954) and (1964). Finally, as a practical alternative the previous two models we extend the model of Herstein and Milnor (1953) and hence von Neumann and Morgernstern (1944) to obtain a representation for unions of mixture spaces. |
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