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    Decision Making Under Ambiguity: A Belief-function Perspective

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    Srivastava Invited Review.pdf (2.725Mb)
    Issue Date
    1997
    Author
    Srivastava, Rajendra P.
    Publisher
    De Gruyter Open
    Type
    Article
    Article Version
    Scholarly/refereed, publisher version
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    Abstract
    In this article, we discuss problems with probability theory in representing uncertainties encountered in the "real world" and show how belief functions can overcome these difficulties. Also, we discuss an expected utility approach of decision making under ambiguity using the belief function framework. In particular, we develop a proposition for decision making under ambiguity using the expected utility theory. This proposition is based on Strat's approach of resolving ambiguity in the problem using belief functions. We use the proposition to explain the Ellsberg paradox and model the decision making behavior under ambiguity. We use the empirical data of Einhorn and Hogarth to validate the proposition. Also, we use the proposition to predict several decision making behaviors under ambiguity for special conditions. Furthermore, we discuss the general condition under which the "switching" behavior, as observed by Einhorn and Hogarth, will occur using the concept of "precision measure" in the expected utility theory.
    Description
    This is the publisher's version, which is being shared with permission, and which is also available electronically from: http://acs.polsl.pl/
    URI
    http://hdl.handle.net/1808/14161
    Collections
    • School of Business Scholarly Works [212]
    Citation
    R.P. Srivastava: Decision making under ambiguity: a belief-function perspective. Archives of Control Sciences, 6(XLII), 1997, 5-27.

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    Contact KU ScholarWorks
    785-864-8983
    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    785-864-8983

    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    Image Credits
     

     

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