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 journalArticleAcademicpeer-review

4 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 languageEnglish
Pages (from-to)10-18
Number of pages9
JournalJournal of Mathematical Psychology
Volume75
DOIs
Publication statusPublished - 2016

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