NDLI: Decisions under risk with incomplete knowledge

Content Provider	IEEE Xplore Digital Library
Author	Benedikt, S.
Copyright Year	1993
Description	Author affiliation: Comput. & Autom. Res. Inst., Hungarian Acad. of Sci., Budapest, Hungary (Benedikt, S.)
Abstract	Deals with problems of decision-making among gambles in the case of non-numerous repetition of decisions and supposing that either it is impossible to identify the decision-maker's utility functions or an attempt is made to try hard to eliminate subjectivity from the decisions and therefore not to use these functions. On these assumptions, the expected utility theory is applicable, while the applicability of the expected value criterion is to a great extent questionable. A criterion is needed which would be able to incorporate objectively justified risk-aversion or risk-proneness into decisions in a consistent, systematic way without using utility functions. Such a criterion is presented. In this criterion the degree of objectively justified risk-aversion or risk-proneness is expressed by the same constant B. The interpretation of the constant B depends on the risk-attitude of the decision-maker. The proposed criterion reduces the problem of the choice between gambles with several non-zero outcomes to a problem of the choice between gambles with a single non-zero outcome.
Starting Page	174
Ending Page	179
File Size	453214
Page Count	6
File Format	PDF
ISBN	0818638508
DOI	10.1109/ISUMA.1993.366772
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	1993-04-25
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Decision making Utility theory Automation Waste materials Insurance
Content Type	Text
Resource Type	Article

Sl.	Authority	Responsibilities	Communication Details
1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
5	Website/Portal (Helpdesk)	Queries regarding NDLI and its services	support@ndl.gov.in
6	Contents and Copyright Issues	Queries related to content curation and copyright issues	content@ndl.gov.in
7	National Digital Library of India Club (NDLI Club)	Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach	clubsupport@ndl.gov.in
8	Digital Preservation Centre (DPC)	Assistance with digitizing and archiving copyright-free printed books	dpc@ndl.gov.in
9	IDR Setup or Support	Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops	idr@ndl.gov.in

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