On a Statistical Approach to Choice under Uncertainty

This article is concerned with criteria of choice under uncertainty which are based on long sequences of independent experiments. To state a rule of comparison for such sequences, we first specify it for sequences of certain numbers (say, of certain incomes). Eventually, the problem is reduced to a...

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Bibliographic Details
Published in:Journal of risk and uncertainty 1994-07, Vol.9 (1), p.93-107
Main Author: ROTAR, VLADIMIR I.
Format: Article
Language:English
Subjects:
Decision theory
Distribution functions
Economic uncertainty
Economic utility
Mathematical functions
Mathematical theorems
Probability distributions
Random variables
Real lines
Risk
Statistics
Topology
Uncertainty
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Summary:This article is concerned with criteria of choice under uncertainty which are based on long sequences of independent experiments. To state a rule of comparison for such sequences, we first specify it for sequences of certain numbers (say, of certain incomes). Eventually, the problem is reduced to a connection between preferences on sequences of certain numbers and those on probability distributions. We take into consideration a notion of statistically stable criteria for which choice based on a single random experiment does not disagree with that based on a "sufficiently long" sequence of independent replicas of the same experiment. The main aim of the article is to establish conditions under which a statistically stable criterion exists and to give its explicit representation.
ISSN:0895-5646
1573-0476
DOI:10.1007/BF01073405