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Decision-making under risk: Editing procedures based on correlated similarities, and preference overdetermination

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  • JosÊ RamÕn Uriarte

    (Universidad del Pais Vasco-Euskal Herriko Unibertsitatea, Departamento de Fundamentos del AnÂlisis EconÕmico, Avenida del Lehendakari Agirre, 83, E-48015 Bilbao, Basque Country-Spain)

Abstract

This paper studies editing procedures based on similarity relations in an expected utility maximization context. It shows that these procedures are compatible both with a family of difference-correlated similarities on the prize space and with a set of families (one for each probability) of ratio-correlated similarity relations on the probability space. In view of the properties satisfied by these families of correlated similarities, it is suggested that Rubinstein's preference overdetermination problem can be avoided.

Suggested Citation

  • JosÊ RamÕn Uriarte, 1999. "Decision-making under risk: Editing procedures based on correlated similarities, and preference overdetermination," Review of Economic Design, Springer;Society for Economic Design, vol. 4(1), pages 1-12.
    • Handle: RePEc:spr:reecde:v:4:y:1999:i:1:p:1-12
    Note: Received: 17 April 1996 / Accepted: 24 September 1998
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    Citations

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    Cited by:

    1. Cabrales, Antonio & Uriarte Ayo, José Ramón, 2008. "Doubts and Equilibria," IKERLANAK 2008-31, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I.
    2. Antonio Cabrales & José-Ramón Uriarte, 2013. "Doubts and equilibria," Journal of Evolutionary Economics, Springer, vol. 23(4), pages 783-810, September.
    3. Manzini Paola & Mariotti Marco, 2006. "A Vague Theory of Choice over Time," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 6(1), pages 1-29, October.
    4. Uriarte Ayo, José Ramón, 2003. "A Model of Evolutionay Drift," IKERLANAK 6502, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I.
    5. Uriarte Ayo, José Ramón, 2005. "A Behavioral Foundation for Models of Evolutionary Drift," IKERLANAK 2005-19, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I.
    6. Uriarte, Jose Ramon, 2007. "A behavioural foundation for models of evolutionary drift," Journal of Economic Behavior & Organization, Elsevier, vol. 63(3), pages 497-513, July.
    7. Uriarte Ayo, José Ramón, 2005. "A Behavioral Foundation for Models of Evolutionary Drift," IKERLANAK 6488, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I.

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