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| Content Provider | IEEE Xplore Digital Library |
|---|---|
| Author | Tenekedjiev, K.I. Nikolova, N.D. Kobashikawa, C.A. Hirota, K. |
| Copyright Year | 2006 |
| Description | Author affiliation: Tech. Univ. of Varna (Tenekedjiev, K.I.; Nikolova, N.D.) |
| Abstract | The paper discusses rational conservative betting on sport game events by a fuzzy (partially rational) decision maker with the help of generalized lotteries of II type. The scheme accounts for the interval character of probability elicitation results, which may be conveniently described by intuitionistic fuzzy sets. A model of a lottery with intuitionistic fuzzy representation of the state uncertainty is proposed, called fuzzy rational lottery. Utility theory is not directly applicable to that type of lotteries, which is why two transformations into ordinary lotteries are proposed - classical and conservative. The classical set-up uses point estimates of the probability uncertainty intervals to construct lotteries, whereas the conservative set-up is a combination of Wald's maximin principle and utility theory under risk. Those approaches are applied to analyze a hypothetical betting situation over the results of soccer game. Betting on single events, as well as simultaneously on all events is discussed, and conditions are found for optimal betting |
| Starting Page | 747 |
| Ending Page | 754 |
| File Size | 9800439 |
| Page Count | 8 |
| File Format | |
| ISBN | 142440195X |
| DOI | 10.1109/IS.2006.348514 |
| Language | English |
| Publisher | Institute of Electrical and Electronics Engineers, Inc. (IEEE) |
| Publisher Date | 2006-09-04 |
| Publisher Place | UK |
| Access Restriction | Subscribed |
| Rights Holder | Institute of Electrical and Electronics Engineers, Inc. (IEEE) |
| Subject Keyword | Uncertainty Utility theory Telephony Delta modulation Fuzzy systems Fuzzy sets Risk analysis Computational intelligence Intelligent systems Game theory interval probabilities generalized lotteries of II type intuitionistic fuzzy sets fuzzy rationality |
| Content Type | Text |
| Resource Type | Article |
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