Axioms for minimax regret choice correspondences. (English) Zbl 1229.91107
This paper unifies and extends the recent axiomatic literature on minimax regret. It compares several models of minimax regret, shows how to characterize the according choice correspondences in a unified setting, extends one of them to choice from convex (through randomization) sets, and connects them by defining a behavioral notion of perceived ambiguity. Substantively, a main idea is to behaviorally identify ambiguity with failures of independence of irrelevant alternatives.
MSC:
| 91B06 | Decision theory |
| 62C20 | Minimax procedures in statistical decision theory |
| 91B99 | Mathematical economics |
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