Reconciling Savage’s and Luce’s Modeling of Uncertainty: The Best of Both Worlds

Don Chai; Chen Li; Peter Wakker; Tong Wang; Jingni Yang

doi:10.1016/j.jmp.2015.10.007

Reconciling Savage’s and Luce’s Modeling of Uncertainty: The Best of Both Worlds

Don Chai, Chen Li, Peter Wakker, Tong Wang, Jingni Yang

Research output: Contribution to journal › Article › Academic › peer-review

7 Citations (Scopus)

Abstract

This paper recommends using mosaics, rather than (??-)algebras, as collections of events in decision under uncertainty. We show how mosaics solve the main problem of Savage’s (1954) uncertainty model, a problem pointed out by Duncan Luce. Using mosaics, we can connect Luce’s modeling of uncertainty with Savage’s. Thus, the results and techniques developed by Luce and his co-authors become available to currently popular theories of decision making under uncertainty and ambiguity.

Original language	English
Pages (from-to)	10-18
Number of pages	9
Journal	Journal of Mathematical Psychology
Volume	75
DOIs	https://doi.org/10.1016/j.jmp.2015.10.007
Publication status	Published - 2016

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10.1016/j.jmp.2015.10.007

http://hdl.handle.net/1765/86419

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title = "Reconciling Savage{\textquoteright}s and Luce{\textquoteright}s Modeling of Uncertainty: The Best of Both Worlds",

abstract = "This paper recommends using mosaics, rather than (??-)algebras, as collections of events in decision under uncertainty. We show how mosaics solve the main problem of Savage{\textquoteright}s (1954) uncertainty model, a problem pointed out by Duncan Luce. Using mosaics, we can connect Luce{\textquoteright}s modeling of uncertainty with Savage{\textquoteright}s. Thus, the results and techniques developed by Luce and his co-authors become available to currently popular theories of decision making under uncertainty and ambiguity.",

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AU - Yang, Jingni

PY - 2016

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AB - This paper recommends using mosaics, rather than (??-)algebras, as collections of events in decision under uncertainty. We show how mosaics solve the main problem of Savage’s (1954) uncertainty model, a problem pointed out by Duncan Luce. Using mosaics, we can connect Luce’s modeling of uncertainty with Savage’s. Thus, the results and techniques developed by Luce and his co-authors become available to currently popular theories of decision making under uncertainty and ambiguity.

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JO - Journal of Mathematical Psychology

JF - Journal of Mathematical Psychology

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Reconciling Savage’s and Luce’s Modeling of Uncertainty: The Best of Both Worlds

Abstract

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