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Note---Rolling Back Decision Trees Requires the Independence Axiom!

Author

Listed:
  • Irving H. LaValle

    (A. B. Freeman School of Business, Tulane University, New Orleans, Louisiana 70118)

  • Kenneth R. Wapman

    (A. B. Freeman School of Business, Tulane University, New Orleans, Louisiana 70118)

Abstract

The Herstein--Milnor independence axiom is a necessary condition for recursion analysis of decisions in extensive (=tree) form.

Suggested Citation

  • Irving H. LaValle & Kenneth R. Wapman, 1986. "Note---Rolling Back Decision Trees Requires the Independence Axiom!," Management Science, INFORMS, vol. 32(3), pages 382-385, March.
    • Handle: RePEc:inm:ormnsc:v:32:y:1986:i:3:p:382-385
    DOI: 10.1287/mnsc.32.3.382
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    Citations

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    Cited by:

    1. Nathan Huntley & Matthias Troffaes, 2012. "Normal form backward induction for decision trees with coherent lower previsions," Annals of Operations Research, Springer, vol. 195(1), pages 111-134, May.
    2. Volij, Oscar, 2002. "A remark on bargaining and non-expected utility," Mathematical Social Sciences, Elsevier, vol. 44(1), pages 17-24, September.
    3. A. Nebout, 2014. "Sequential decision making without independence: a new conceptual approach," Theory and Decision, Springer, vol. 77(1), pages 85-110, June.
    4. Hammond, Peter J & Zank, Horst, 2013. "Rationality and Dynamic Consistency under Risk and Uncertainty," The Warwick Economics Research Paper Series (TWERPS) 1033, University of Warwick, Department of Economics.
    5. Hess, James D. & Holthausen Jr., Duncan M., 1988. "Beyond Risk Aversion: Eccentricity In Weighted Expected Utility," Department of Economics and Business - Archive 259431, North Carolina State University, Department of Economics.

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